Lipstick Co. currently has 12 million shares outstanding. It raised $550 million in new debt and used this to buy back stocks. After the recap, Lipstick Co. stock price is $80 per share. What is Lipstick Co.s number of shares outstanding after the recap? *

4 points

a. 6.875 million shares

b. 5.125 million shares

c. 4.291 million shares

d. 7.236 million shares

e. None of the above