In class, we discussed the Initial Public Offering $($IPO$)$ process. Which of the following is TRUE?

The traditional IPO process includes the private company, an investment bank, Road Shows to meet institutional investors, a prospectus $($S$-1),$ allocations and pricing.

Special Purpose Acquisition Corporations $($SPACs$)$ are ALWAYS listed on overseas exchanges.

Since $1980,$ IPOs typically FALL in price on the first day of trading $21\%$ causing investors to LOSE money.

The term 'Unicorn' represents ALL PUBLIC companies that have successfully completed the IPO process.