On January $8,2021,$ Deep Onyx Mines Co$.$ issues $220,000$ shares of Class A preferred stock and $1,750,000$ shares of common stock in exchange for a total of $$75,000,000$ in a private placement with a sovereign wealth fund. The Class A preferred stock does not have a recent market price because it is not actively traded on any markets. However, the opening market price for a share of common stock was $$29\mathrm{.}75$ on January $8.$