Marshmaster has 92 million shares of stock outstanding. The company would like to raise $58 million to expand its business through a rights issue. Every existing shareholder will be sent 3 rights per one share of stock that he or she owns. The company plans to require 12 rights to purchase one share. The share price for the shares issued via the rights offering is closest to:

a. $2.27 per share b. $3.03 per share c. $2.52 per share d. $2.77 per share