Which of the following statements is FALSE?

a.

Angel financing often occurs at such an early stage in the business that it is difficult to assess a value for the firm. Angel investors often circumvent this problem by holding either a convertible note or a SAFE (simple agreement for future equity) rather than equity.

b.

The shares that are sold in the IPO may either be new shares that raise new capital, known as a primary offering, or existing shares that are sold by current shareholders, known as a secondary offering.

c.

If a firm uses a cash offer for its seasoned equity offering, it offers the new shares only to existing shareholders.

d.

Investors who can buy shares from underwriters at the IPO price, usually benefit from the first-day trading.