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Pace Western Crystal, Inc. has 10 million shares of common stock outstanding and 200,000 warrants. Each warrant entitles the holder to purchase 5 shares of

Pace Western Crystal, Inc. has 10 million shares of common stock outstanding and 200,000 warrants. Each warrant entitles the holder to purchase 5 shares of common stock at a price of $15 per share. Warrant holders exercised all of their warrants today. The market value of Pace Western’s assets before the exercise was $170 million. What should the new stock price be after the exercise?

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