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High Mountain Gear issued 200,000 shares of stock last week. The underwriters charged a spread of 5 percent in exchange for agreeing to a firm
High Mountain Gear issued 200,000 shares of stock last week. The underwriters charged a spread of 5 percent in exchange for agreeing to a firm commitment. The legal and accounting fees were $291,174. The company incurred $40,079 in indirect costs. The offer price was $16 a share. Within the day of of trading, the stock was selling for $23.8 a share. What was the flotation cost?
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