ETHICS PROBLEM The UK Corporate Governance Code, expects directors to provide a notice to the stock exchange in advance if they intend to sell off any shares of the company they are working for. What ethical issues might be mitigated with the help of this provision? Refer to insider trading and explain your answers. Velocity Financial, Inc. conducted its IPO on January $17,2020$ for the principal purposes of increasing its capitalization and financial flexibility, creating a public market for its common stock, and enabling access to the public equity markets for it and its stockholders. Velocity sold $7\mathrm{.}25$ million shares for an IPO offer price of $$13$ per share. The underwriting discount was $$0\mathrm{.}91$ per share. Velocity intends to use the net proceeds from the offering to the firm for general corporate purposes, such as working capital, operating expenses, and capital expenditures, and to possibly ac quire complementary businesses, products, services, or technologies. Velocity$$s closing stock price was $$13\mathrm{.}51$ after the first day of trading on the NYSE and there were $18,999,994$ shares of stock outstanding. Create a spreadsheet to conduct an analysis of Velocity$$s IPO, and determine the following:

a$.$ Calculate the total proceeds for Velocity$$s IPO.

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b$.$ Calculate the percentage underwriter discount for Velocity$$s IPO.

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c$.$ Calculate the dollar amount of the underwriting fee for Velocity$$s IPO.

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d$.$ Calculate the net proceeds for Velocity$$s IPO.

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e$.$ Calculate the percentage IPO underpricing for Velocity$$s IPO.

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f$.$ Calculate the market capitalization for Velocity$$s IPO after the first day of trading in the secondary market.