In a Firm Commitment Underwriting Arrangement, the Risk That the Investment

In a firm commitment underwriting arrangement, the risk that the investment banking firm accepts is:

A) That it sells the securities to investors at a lower price.
B) That the price it pays to purchase the securities from the issuer will be less than the price it receives when it reoffers the securities to the public.
C) That it does not buy the entire issue from the issuer.
D) That it does not realize the gross spread.
E) None of the above.