Spandra Electronics wants to raise money by selling stock. After talki

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 4.5 million shares and returns the rest to Spandra. This is an example of
A) a competitive bid purchase.
B) a privileged subscription with a standby agreement.
C) a privileged subscription with a standby agreement.
D) a commission or best-efforts agreement.

ANSWER

D