Which of the Following Statements Is FALSE

Which of the following statements is FALSE?

A) A share can be thought of as a put option on the assets of the firm with an exercise price equal to the value of debt outstanding.
B) The option price is more sensitive to changes in volatility for at-the-money options than it is for in-the-money options.
C) In the context of corporate finance, equity is at-the-money when a firm is close to bankruptcy.
D) Because the price of equity is increasing with the volatility of the firm's assets, equity holders benefit from a zero-NPV project that increases the volatility of the firm's assets.