Raybac is about to go public. Its present stockholders own 580,000 shares. The new public issue will represent 990,000 shares. The shares will be priced at $40 to the public with a 18% spread. The out-of pocket costs will be $430,000. What are the net proceeds to the firm?

Raybac is about to go public. Its present stockholders own 580,000 shares. The new public issue wil represent 990,000 shares. The shares will be priced at $40 to the public with a 18% spread. The out-of pocket costs will be $430,000. What are the net proceeds to the firm? O $32.042,000 O$-7,562,960 O $32,057,000 O $32.0470o0