Question
Supreme Industries issues the following announcement to holders of an issue of? callable, convertible? notes: ?Prior to the close of business on May? 17, 2008,
Supreme Industries issues the following announcement to holders of an issue of? callable, convertible? notes: ?"Prior to the close of business on May? 17, 2008, holders may convert their Notes into shares of Supreme Industries common stock at 33.95 shares of Supreme Industries common stock per? $1000 principal amount of the Notes. Cash will be paid in lieu of fractional shares. On April? 16, 2008, the last reported sale price of Supreme Industries common stock on the NYSE was $ 21.70 per? share." If on May? 17, Supreme Industries is trading as $ 24.20?, what is the value of common stock a holder of a? $1,000 note would? receive?
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