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Find how many shares of stock were outstanding

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Reference no: EM132752752

Problem 1: The Shoe Co. has determined that as a result of its rights offering, its share price fell from a rights-on price of $38.50 to an ex-rights price of $37.62 per share. The rights offer was for $8.05 million with a per-share subscription price of $35. How many shares of stock were outstanding before the offering?

Multiple Choice

Option 1: 705,811

Option 2: 703,230

Option 3: 636,250

Option 4: 684,773

Option 5: 672,500

Reference no: EM132752752

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