Which of the following statements is wrong?

With best efforts underwriting, the offer cannot be withdrawn even if there is not enough demand at the offer price.

With a firm commitment underwriting, the underwriter bears the risk of not being able to sell the entire issue for more than the cost

With a firm commitment underwriting, the underwriter buys the entire issue from the IPO firm and then sell the issue to the public.

With best efforts underwriting, the IPO firm bears the risk of the issue not being sold.