Question: Zimba Technology Corp. recently went public with an initial public offering of 1.6 million shares of stock. The underwriter used a firm commitment offering in

Zimba Technology Corp. recently went public with an initial public offering of 1.6 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $9.66 per share and the underwriters spread was 8 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $261,000 for the IPO.

Calculate the gross proceeds per share____

Calculate the total funds received by Zimba from the sale of the 1.6 million shares of stock._____

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