Calculating Costs of Issuing Stock TriState Corp. recently went public with an initial public offering in which they received a total of $51.80 million in new capital funding. The underwriter used a firm commitment offering in which the offer price was $34.50 and the underwriter's spread was $3.30. TriState also paid legal and other administrative costs of $1,130,000 for the IPO. What is the number of shares issued through this IPO?

Multiple Choice

• 1,501,449

• 1,660,256

• 1,696,474

• 1,534,203