Angelina and Joe Founded New Tech Three Years Ago

Angelina and Joe founded New Tech three years ago.Two years ago,Angelina and Joe incorporated the business and issued themselves 50 000 shares each.Last year,they took their company public in an initial public offering (IPO) by issuing an additional 100 000 shares.The offer price was $21 a share,the spread was 8 per cent,and the lock-up period was six months.The shares closed at $36 a share at the end of the first day of trading.During the first six months of trading,the shares sold in a price range of $19 to $38 a share.During the second six months of trading,the shares sold between $15 and $24 a share.Given this,which one of the following statements is correct? Ignore transaction and administrative costs.

A) Joe could have sold some of his shares for $23 a share.
B) The maximum profit that an investor who purchased the shares at the offer price could have earned thus far is $15 per share.
C) Angelina could have sold some of her shares for $38 a share.
D) The underwriters earned a spread equal to $1.50 per share.
E) The underwriters earned a profit of $15 a share on the first day of trading.