Calculating Costs of Issuing Stock Paige's Purses, Inc. needs to raise $25.10 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 $51 per share and Paige's will receive $45.25 per share. What is the underwriter's spread per share on the issue? $51 S45.25 $575 $0