1. Mulligans Manufacturing (MM) is a publicly-traded firm with 10 million shares outstanding. MM stock currently sells for $45 per share and MM is planning a $100 million seasoned equity offering (SEO). Assuming that the stock price drops 2% upon the announcement of the SEO and that the investment bank charges a 5% commission, then how many shares must be sold to investors in the SEO for MM to receive $100 million in proceeds. Assuming that I own 5 million shares before the SEO and that I did not sell any shares in the SEO, then what is my new ownership percentage after the SEO?