Which of the Following Statements Is NOT True of PIPE

Which of the following statements is NOT true of PIPE transactions?

A) PIPE transactions are registered with the SEC.
B) PIPE transaction gives issuers faster access to capital.
C) In a PIPE transaction, investors purchase securities (equity or debt) directly from a publicly traded company in a private placement.
D) The securities are virtually always sold to the investors at a discount to the price at which they would sell in the public markets.