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How many shares will the company need to issue

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Question: Yellow Corporation stock currently sells for $55 per share. There are 8 million shares currently outstanding. The company announces plans to raise $3 million by offering shares to the public at a price of $55 per share.

If the underwriting spread is 10 %, how many shares will the company need to issue in order to be left with net proceeds of $3 million?

Enter your answer as a whole number not in millions. ( For example, 1,000,000 not 1 million.)

Reference no: EM132756174

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