Firm commitment versus best efforts astro investment bank, Financial Management

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Firm commitment versus best efforts astro investment bank

Firm commitment versus best efforts. Astro Investment Bank offers Lunar Vacations the following options on its initial public sale of equity:

(a) a best efforts arrangement whereby Astro will keep 2.8% of the retail sales or (b) a firm commitment arrangement of $9,600,000.

Lunar plans on offering 1,000,000 shares at $12.34 per share to the public. If it sells 100% of the shares, which is the better choice for Lunar Vacations? Which is the better choice for Astro Investment Bank?

Please provide the proceeds for each option. Essentially show each step of the process.

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Financial Management: Firm commitment versus best efforts astro investment bank

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