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Part $1$

Spandra Electronics wants to raise money by selling stock. After talking to several investment banking$$ firms, Spandra decides to hire Goldman Sachs to sell $5$ million shares of its common stock. Goldman sells $4\mathrm{.}5$ million shares and returns the rest to Spandra. This is an example of

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Part $1$

A$.$

a commission or

bestminus$$efforts

agreement.

B$.$

a privileged subscription with a standby agreement.

C$.$

a privileged subscription with a standby agreement.

D$.$

a competitive bid purchase.