A company needs to raise $88 million (This is the gross amount before costs come off.) through an IPO. The company takes the advice of its underwriter and sets the IPO market price at $9.80 per share. The shares are underwritten at $8.50 per share. The out-of-pocket expenses are $560,000 in total. Upon the success of the IPO, the closing price at the end of the first trading day is $11.20 per share.

Calculate the number of shares sold in the share offering.

Calculate the total underwriting spread in dollars.