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How many shares of stock will the company need to sell

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Problem - A company needs $14.6 million to finance updates & additions to its production equipment. The underwriters estimate that the firm could sell additional shares of stock at $23.50 a share with an underwriting spread of 7.75 percent. This would be a firm-commitment underwriting. Estimated issue costs are $368,000. How many shares of stock will the company need to sell to finance this project?

Reference no: EM132470029

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