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A company is planning to issue 2.5 million ordinary shares and the underwriting spread is 8%. Following due diligence, the offer price has been set

A company is planning to issue 2.5 million ordinary shares and the underwriting spread is 8%. Following due diligence, the offer price has been set to $20 per share? Suppose that the offer has not been as successful as expected and only 95% of the shares have been sold. In such situation, considering stand-by arrangement, What will be the proceeds available to the issuer?

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