A company wants to raise $350 million in a new stock issue. Its investment banker indicates that sale of the new stock will require 20% under pricing an dan 8% spread. if the company’s stock price does not change from its current price of $35 per share, how many shares must the company sell to the public? (round to the nearest million)
a) 13.5 Million shares
b) 12 Million shares
c) 16 Million shares
d) 10 million shares