Which of the following statements is false? a. the direct fees paid by the issuer to the underwriter syndicate is called the spread, which is thedifference between the price the issuer receives and the offer price paid by new shareholders. b. direct expenses include filing fees, legal fees, and taxes and are costs incurred by the issuer that are notpart of the compensation to underwriters. c. for initial public offerings, losses arise when shares are sold below their true value; hence, theunderpricing of ipos is an additional implicit cost to the issuer. d. a delayed registration permits a firm to register an offering under sec 415 and then issue the securities over a two-year period.