Kurt currently owns 4.6 percent of Northeastern Transportation. The company has a total of 465,000 shares outstanding with a current market price of $26.20 a share. At present, the firm is offering an additional 25,000 shares at a price of $25 a share. Kurt decides not to participate in this offering. What will his ownership position be after the offering is completed?

		4.26 percent
		4.37 percent
		4.51 percent
		4.60 percent
		4.46 percent