Question: Zimba Technology Corp. recently went public with an initial public offering of 3.1 million shares of stock. The underwriter used a firm commitment offering in

Zimba Technology Corp. recently went public with an initial public offering of 3.1 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $7.82 per share and the underwriters spread was 8 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $256,000 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 3.1 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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