Question: Hughes Technology Corp. recently went public with an initial public offering in which they received a total of $60 million in new capital funding. The

Hughes Technology Corp. recently went public with an initial public offering in which they received a total of $60 million in new capital funding. The underwriter used a firm commitment offering in which the offer price was $10 and the underwriter’s spread was $0.75. Hughes also paid legal and other administrative costs of $1,050,000 for the IPO. Calculate the number of shares issued through this IPO.

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