Jonah Homes stock trades at $30 per share and there are 50 million shares outstanding. The management would like to issue a total of 15 million (primary and secondary) shares in an SEO. If the underwriter charges 5% of gross proceeds, 25% of the shares are primary shares sold to new investors, and 75% of the shares are secondary shares sold to new investors, what percentage of the company will be owned by the new investors?

Group of answer choices

30.33%

28.10%

27.91%

29.05%