Task: Property Constraint Reasoning (ontology: Business_Finance/Financial_Industry_Business_Ontology)

The property 'underwrites' applies to instances of 'underwriter', and 'principal underwriter' is a subclass of 'underwriter'. Which class can appear as the value of 'underwrites' for instances of 'principal underwriter'?

A. private offering
B. firm commitment offering
C. securities offering
D. private placement memorandum

Answer: securities offering