Which of the following statements is correct?

A private placement of new shares occurs when these shares are sold to foreign investors.

All shares must be sold in an IPO, although the price may be lower than the offer price.

"Going public" establishes a firm's true intrinsic value and ensures that a liquid market will always exist for the firm's shares.

When a corporation's shares are owned by thousands of individuals , we say that the firm is "closely, or privately, held."

None of the above