Calculate the gross proceeds per share received by turbo

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Reference no: EM131517361

Turbo Technology Corp. recently went public with an initial public offering of 3.04 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds was $7.70 per share and the underwriter's spread was 8 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $240,000 for the IPO. Calculate the gross proceeds per share received by Turbo from the sale of the 3.04 million shares of stock.

Reference no: EM131517361

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