Insight Partners created a SPAC with units priced at \($10\) share. Each unit consists of 1 share of common stock plus a 3/10ths of a warrant with a strike price of \($11.50\).

Insight issued 10 million units to investors. The partners also contributed \($3\) million in exchange for 3 million warrants; this cash was used to pay the SPAC’s expenses until it found a private company, GetFood Inc, to take public. GetFood provides ondemand food delivery, and grew rapidly during the COVID pandemic. Insight also arranged for a PIPE investment of \($100\) million at \($10\) share. Before the deal was announced, the SPAC shares traded at \($10\) share. Once the deal was announced, the price remained at \($10\) share. At the time of the deal completion, 90% of the SPAC shareholders chose to redeem. Because of the high redemption rate, the Insight Partners agreed to reduce their promote from 20% to 10% to ensure that the deal would be consummated. 

1. How much new capital did GetFood receive at the time of the merger?

2. How many shares did Insight Partners receive from the promote?

3. After the merger the share price fell to \($9\) share and remained at that level on the expiration date of the warrants. What was the average price per share that GetFood actually received, after fees, by raising capital via a SPAC?