How many shares of stock will company have sell to recieve

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Reference no: EM131576015

Penelope's Flower shop, Inc. is looking to raise $25 million to finance firm expansion. When discussing the matter with it's investment bank, the firm finds out that the bankers recommend a gross proceeds price of $35 per share, and they'll charge an underwriters spread of 5.6 percent of the gross price. Calculate the net proceeds price to Penelope's from the sale of the stock. How many shares of the stock will the company have sell to recieve the $25 million it needs?

Reference no: EM131576015

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