Pace Western Crystal, Inc., has outstanding 10 million common shares and 200,000 warrants. Each warrant can purchase

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Pace Western Crystal, Inc., has outstanding 10 million common shares and 200,000 warrants. Each warrant can purchase five shares of common stock at \($15\) per share.

Warrant holders exercised all of their warrants today. Pace Western’s stock price before the exercise was \($17.\) What should the new stock price be after the exercise? Assume there is no information content on the exercise of the warrants.

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