XYZ Company went public with an initial offering of 100 million common shares at a price of $20 per share. The offering included and over-allotment option whereby a total of 105 million common shares were sold. The dealer is most likely to exercise the over-allotment option under which of the following situations?

A) XYZ Company declares bankruptcy and the shares become worthless

B) The price of the shares falls to $17 shortly after trading begins

C) The price of the shares remains at $20 following the start of trading

D) The price of the shares rises to $24 shortly after trading begins