Which of the following statements is NOT CORRECT?

a$.$ When stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public," and the market for such stock is called the new issue market.

b$.$ It is possible for a firm to go public and yet not raise any additional new capital.

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

d$.$ When a corporation's shares are owned by a few individuals who own most of the stock or are part of the firm's management, we say that the firm is "closely, or privately, held."

e$.$ Publicly owned companies have sold shares to investors who are not associated with management, and they must register with and report to a regulatory agency such as the SEC.