H1B transfer - Please help

[visamail64]

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...

[Reddi]

1. It is a new H1B petition(cap-exempt)  and it is not transfer. 

2.  Wait until new petition is approved because you are applying for new petition and this is from one visa type to other visa type.  so better to wait until it gets approved.