Calculate the gross proceeds per share

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Reference no: EM131359511

Howett Pockett. Inc., plans to issue 11.5 million new shares of its stock. In discussions with its investment bank. Howett Pocket learns that the bankers recommend a net proceed of $36.80 per share and they will charge an underwriter's spread of 8.5 percent of the gross proceeds. In addition. Howett Pockett must pay $4.9 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.)

Calculate the total funds received by Howett Pockett from the sale of the 11.5 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)

Reference no: EM131359511

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