Oriole Technologies agreed to complete its IPO on a best-effort basis. The company's investment bank demanded a spread of 16 percent of the offer price, which was set at $27.00 per share. Three million shares were issued; however, the bank's management was overly optimistic and eventually was able to sell all of the stock for only $25.0 per share. What were the proceeds for the issuer and the underwriter? Proceeds to issuer $ Proceeds to underwriting $