H4 Extension pending, I 94 expired, applying for H4EAD

My Spouse H4 I-94 is expiring in December. H4 Extension is filed and pending for 6 months. I want to apply for H4EAD. Should I wait for H4 Extension approval? Is there a chance H4EAD application will be denied if I apply now using expired I94

Hi Anil,
Thanks for the response. H1B is already approved. Want to know if there is risk of rejection as H4 I 94 is expired. Thanks for your help!