Don’s Captain Morgan, Inc., needs to raise $13.50 million to finance plant expansion. In discussions with its investment bank, Don’s learns that the bankers recommend an offer price (or gross proceeds) of $21.40 per share and Don’s will receive $19.35 per share. Calculate the underwriter’s spread per share on the issue. (Round your answer to 2 decimal places.)
Underwriter’s spread $ per share=
How many shares of stock will Don’s need to sell in order to receive the $13.50 million it needs?
Number of shares sold shares=