Yes. Although companies are able to extend their raises if they haven't met their goal, raises have a final closing date. After that date has passed, investments are no longer accepted.
Once the raise closes, investments are finalized. The company follows up on any outstanding investments, and as long as the minimum goal (listed within the offering documents) has been met, the company can disperse the funds from escrow. We recognize that this can be a nerve-wracking process, but it is important to be patient, as this process can take weeks or even months.
If the company has not met its minimum goal, investments are canceled and any funds are returned to investors.