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Highland, Inc. is offering 100,000 shares in an initial public offering. The underwriters have agreed upon a best efforts offering with an offer price of

Highland, Inc. is offering 100,000 shares in an initial public offering. The underwriters have agreed upon a best efforts offering with an offer price of $30 and a 4 percent spread. The underwriters were able to sell 90,000 shares to the general public. The stock opened at a price of $34 a share on its first day of trading. How much did Highland, Inc. receive from this offering?

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