Zimba Technology Corp. recently went public with an initial public offering of 2.4 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $11.16 per share and the underwriter’s spread was 7 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $269,000 for the IPO.
Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)
Gross proceeds = per share
Calculate the total funds received by Zimba from the sale of the 2.4 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)
Funds received by Zimba = m