Consider a SPAC with the following terms: - 120 million units issued at $10.00 per share. - Promote equal to 20% of the SPAC ownership. - 30 million total warrants with an exercise price of $11.50 per share. - No PIPE investors. a. What is the size of the promote (number of shares in millions)? b. Suppose 75% of the shareholders redeem their shares, and no warrants are exercised. What is the amount of cash per share contributed by the SPAC in this case? c. If the target is offered 340 million shares, what is the implied valuation of the combined company in this case? a. What is the size of the promote (number of shares in millions)? The size of the sponsor's promote is million shares. (Round to the nearest whole number.)