How much new cash did the company receive

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Reference no: EM131328345

SMG Corporation sold 20 million shares of common stock in a seasoned offering. The market price of the company's shares, immediately before the offering, was $14.75.

The shares were offered to the public at $14.50, and the underwriting spread was 4 percent.

The company's expenses associated with the offering were $7.5 million. How much new cash did the company receive?

Reference no: EM131328345

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