Howett Pockett, Inc., plans to issue 11.0 million new shares of its stock. In discussions with its investment bank, Howett Pocket learns that the bankers recommend a net proceed of $35.80 per share and they will charge an underwriter’s spread of 5.5 percent of the gross proceeds. In addition, Howett Pockett must pay $4.4 million in legal and other administrative expenses for the seasoned stock offering.
Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)
Gross proceeds = per share
Calculate the total funds received by Howett Pockett from the sale of the 11.0 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)
Funds received by Howett Pockett =