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Questions about H1B transfer - Please help!!!

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  • Questions about H1B transfer - Please help!!!

    I got laid off on Oct 28th and applied for COS F2 (Dependent of my wife COS F1) and was received by USCIS on Oct 31.

    I got a job offer from a new employer who is ready to file H1B petition under premium processing.

    Q.1 Will the employer need to file a H1B transfer or a new H1B petition(cap-exempt?) Can my new employer request for cancelling my F2 COS application while filing for H1B transfer?

    Q.2 Do I need to wait till my H1B COS application is approved or can I start the job as soon as my new H1B COS is filed by the new employer?

    Your inputs will be much appreciated...