Consider a company that is currently all-equity financed with a share price of $11 and 3.8M (M=million) outstanding shares. The corporate tax rate is 21%. The company unexpectedly announces a leveraged recap: it will soon borrow $10.6M in permanent debt in order to buy back existing equity shares. The debt is risk-free. Q: What is the new share price right after the announcement? Round your answer to 2 decimal places