Calculating Costs of Issuing Stock Paige's Purses, Inc. needs to raise $25.40 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 $54 per share and Paige's will receive $46.00 per share. What is the underwriter's spread per share on the issue? $46.00 $0 $54 $8.00