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Issuing securities. Bruce Wayne is going public with his new business. Berkman Investment Bank will be his banker and is doing a best efforts sale

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Issuing securities. Bruce Wayne is going public with his new business. Berkman Investment Bank will be his banker and is doing a best efforts sale with a 3.8% commission fee. The SEC has authorized Wayne 4,950,000 shares for this issue. He plans to keep 1,240,000 shares for himself, hold back an additional 170,000 shares according to the green-shoe provision for Berkman Investment Bank, pay off Venture Capitalists with 480,000 shares, and sell the remaining shares at $16.94 a share. Given the bids at the auction (shown on the table here: ), distribute the shares to all bidders using a pro-rata share procedure, and assume Berkman Investment Bank takes its green-shoe shares. What is the total cash flow to Wayne after the sale? Torkman Investment Bank

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