BK & Co. offered 15,000 shares in a rights offer. T.L. Moore & Co. was the underwriter that by prior agreement purchased the 639 unsold shares. For its participation in this rights offer, T.L. Moore & Co. is most likely entitled to:

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T.L. Moore & Co. acted as an underwriter in the rights offer and purchased the unsold shares, which means they provided a standby commitment to purchase any shares not taken up by existing shareholders. As compensation for this service, underwriters typically receive a standby fee, which compensates them for taking on the risk of having to purchase unsold shares. Therefore, option C is the most likely choice. The gross margin, optional spread, subscription price, and oversubscription fee are all terms that are typically associated with different types of underwriting, but do not apply in this situation.

BK & Co Offered 15,000 Shares in a Rights Offer