Currently, you own 3.6 percent of the outstanding stock of JL Enterprises. The firm has decided to issue additional shares of stock and has given you the first option to purchase 3.6 percent of those additional shares. If you opt to purchase the shares that you have been offered, you will be participating in a:

a. rights offering.

b. registered offering.

c. private placement.

d. reserved offering.

e. IPO.