Which of the Following Statements Is NOT True of Shelf

Which of the following statements is NOT true of shelf registration?

A) Shelf registration gives firms less flexibility in bringing securities to market.
B) During a two-year window, the firm can take the securities "off the shelf" and sell them as needed.
C) Shelf registration allows firms to periodically sell small amounts of securities.
D) A shelf registration statement can cover multiple securities, and there is no penalty if authorized securities are not issued.