Calculating Costs of Issuing Stock Paige's Purses, Inc. needs to raise $25.90 million to finance plant expansion. In discussions with its investment bank, Paige's learns that the bankers recommend an offer price (or gross proceeds) of $59 per share and Paige's will receive $47.25 per share. What is the underwriter's spread per share on the issue? $0 $47.25 $11.75 $59