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Question: The Clifford Corporation has announced a rights offer to raise $88 million. The stock currently sells for $24 per share and there are 72 million shares outstanding. If the subscription price is set at $11 per share, how many shares must be sold? The response must be typed, double spaced, times new roman, font size 12 and must follow APA format.
Assume that after the funds are invested, EBIT amounts to $60,000.
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