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Hoobastink Mfg. is considering a rights offer. The company has determined that the ex-rights price will be $88. The current price is $98 per share,

Hoobastink Mfg. is considering a rights offer. The company has determined that the ex-rights price will be $88. The current price is $98 per share, and there are 48 million shares outstanding. The rights offer would raise a total of $80 million.

What is the subscription price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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