Recapitalization

Consider the book-value balance sheet for Musco Inc. for 2022.

The firm faces the statutory 21% flat tax rate. There is no debt in the current liabilities. The firm has 7,506 shares outstanding, which have a current market price of $45.32 per share. You wish to determine the market-value of the firms capital assets. Assume that the market values of the current assets, current liabilities and long-term debt are equal to their book-value. Also, assume that the non-debt long-term liabilities have no market value. The firms managers are considering issuing a new $35,000 in debt and then paying out the proceeds as a special dividend. Based on the assumptions of the 1963 Modigliani and Miller relationship, what will be the price of the firms shares after this proposed recapitalization? (Show your answer rounded to two decimal places, e.g. 37.57)