5.2 Connect: Exercises and Problems 0 Saved 10 points Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. The Tennis Shoe Company has concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a rights offering. It has correctly determined that as a result of the rights offering, the share price will fall from $54 to $50.60 ($54 is the rights-on price; $50.60 is the ex-rights price, also known as the When-issued price). The company is seeking $18 million in additional funds with a pershare subscription price equal to $22. How many shares are there currently, before the offering? (Assume that the increment to the market value of the equity equals the gross proceeds from the offering.) (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) 9 Answer is complete but not entirely correct. Number of old shares 4,164,535 0 Return to question A