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Mullet Technology is planning an IPO. The company and its underwriter agree that the current value of equity of Mullet is $80 million. Mullet currently

Mullet Technology is planning an IPO. The company and its underwriter agree that the current value of equity of Mullet is $80 million. Mullet currently has 5 million shares outstanding and will issue 2 million new shares. The underwriter charges a 6% spread. How much, in millions, will Mullet Technology raise net of the spread?

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