Ethanol Lawn Mowers issued 500,000 shares to the public. The gross proceeds were $31,250,000 and the net proceeds were $30 million. Merrel Bench lead the underwriting and negotiated the deal, but 10 other investment bankers also put up capital to help sell the issue. Which of the following statements is/are correct?

1. I. The public paid $62.50 a share.
2. II. Merrel Bench and the other bankers paid $62.50 per share.
3. III. The underwriter spread/fee per share was $3.50.
4. IV. This offer was a syndicated deal
5. 

Multiple Choice I, II, and IV only Oil and IV only I, III, and IV only O ll and III only I and IV only