Which of the following is true about underwriting securities$?$ it is common for a number of underwriters to form a syndicate so that the risk in marketing a security issue falls on only the lead underwriter. $2-$ the issuing firm, not the underwriter, will generally set the price for the offering. $3-$ the spread earned by the underwriter si the sum of the price the underwriter pays for the security and the offering price of the security.