Question: Wk 3 Homework i Saved Help Save & Exit Submit Check my work Magenta Corporation wants to raise $51.4 million in a seasoned equity offering,

Wk 3 Homework i Saved Help Save & Exit Submit Check

Wk 3 Homework i Saved Help Save & Exit Submit Check my work Magenta Corporation wants to raise $51.4 million in a seasoned equity offering, net of all fees. Magenta stock currently sells for $12 per share. The underwriters will require a spread of $0.4 per share, and indicate that the issue must be underpriced by 4 percent. In addition to the underwriter's fee, the firm will incur $2,400,000 in legal, accounting, and other costs. How many shares must Magenta sell? (Enter your answer in millions rounded to 3 decimal places.) points Number of shares million eBook References

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