Which one of the following statements is NOT true? Select one:

A. The need for funding does not end when a company goes public.

B. Approval is obtained from the board of directors to issue securities.

C. The lowest-cost source of external funds is often an open offer to the public.

D. The investment bank decides how much money the company needs to raise and what type of security - such as debt, ordinary shares or preference shares - to issue.