Calculating Costs of Issuing Stock Hughes Technology Corp. recently went public with an initial public offering in

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Calculating Costs of Issuing Stock Hughes Technology Corp. recently went public with an initial public offering in which it received a total of $60 million in new capital funding. The underwriter used a firm com- mitment offering in which the offer price was $10 and the underwriter's spread was $0.75. Hughes also paid legal and other administrative costs of $1.05 million for the IPO. Calculate the number of shares issued through this IPO. (LG4)

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