Which one of the statements about IPOs is not correct? Multiple Choice

a.) A firm must gain permission from its Board of Directors for going public through IPOs

b.) With the best-effort agreement with underwriters, issuing firms know upfront the amount of money they will receive from the stock offering.

c.) Underwriters pass the risk of unsold shares back to the issuing firm via the best-effort agreement.

d.) Issuing firms pay underwriters a spread for their services.