Hoobastink Mfg. is considering a rights offer. The company has determined that the ex-rights price will be $89. The current price is $95 per share, and there are 25 million shares outstanding. The rights offer would raise a total of $40 million.
- What is the subscription price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Subscription price: