Which of the following statements is correct?

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

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

None of the above

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

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