Firm CWBY needs to raise $4.2 billion dollars of new equity to fund new investments. The current market price of CWBYs stock is $4.25 per share. There are currently 1 billion shares outstanding. The firm wants to conduct a 4 for 3 rights offer. The price per share in the offer will be $3.15 per new share. If we assume 100% subscription rate, what is the value of each right? What will be the impact on the market price of the stock?