Question: Zimba Technology Corp. recently went public with an initial public offering of 1.7 million shares of stock. The underwriter used a firm commitment offering in

Zimba Technology Corp. recently went public with an initial public offering of 1.7 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $11.52 per share and the underwriter's spread was 4 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $262,000 for the IPO.

Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)

Gross proceeds$____per share

Calculate the total funds received by Zimba from the sale of the 1.7 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)

Funds received by Zimba$___ m

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