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Which of the following statements is NOT CORRECT?a.When a corporation's shares are owned by a few individuals, wesay that the firm is "closely, or privately, held."b.When stock in a closely held corporation is offered to thepublic for the first time, the transaction is called "going public,or an IPO," and the market for such stock is called the new issueor IPO market.c.It is possible for a firm to go public and yet not raise anyadditional new capital for the firm itself.d.The stock of publicly owned companies must generally beregistered with and reported to a regulatory agency such as theSEC.e."Going public" establishes a firm's true intrinsic value andensures that a liquid market will always exist for the firm'sshares.