What distinguishes a public offering from a private placement?

Group of answer choices

Actually, these are both the same -- just different terms used by different industries.

In a private placement, all investors have the opportunity to acquire a portion of the financial claims being sold, but not so in a public offering.

Private placements are illegal in the U.S., so the question is immaterial.

In a public offering, all investors have the opportunity to acquire a portion of the financial claims being sold, but not so in a private placement.

None of these statements is correct.