General cash offering to raise needed funds

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Reference no: EM131343186

The Elkmont Corporation needs to raise $51.4 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $30 per share and the company’s underwriters charge a spread of 9 percent.

How many shares need to be sold?

Reference no: EM131343186

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