Calculating Costs of Issuing Stock Turbo Technology Corp. recently went public with an initial public offering of 3.12 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds was $8.10 per share and the underwriter's spread was 5 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $320,000 for the IPO. Calculate the gross proceeds per share received by Turbo from the sale of the 3.12 million shares of stock.