Husker's Tuxedo's, Inc. needs to raise $259 million to finance its plan for nationwide expansion. In discussions with its investment bank, Husker's learns that the bankers recommend an offer price (or gross price) of $40 per share and they will charge an underwriter's spread of $2.20 per share.

1. Calculate the net proceeds per shareto Husker's from the sale of stock.
2. How many shares of stock will Husker's need to sell in order to receive the $259 million needed?