The Clifford Corporation has announced a rights offer to raise $150 million.The stock currently sells for $25 per share and there are 80 million shares outstanding. If the subscription price is set at $15 per share, how many shares must be sold?

(please show step)

1. If the subscription price is set at $15 per share, how many shares must be sold?
2. How many rights will it take to buy one share, based on the number of shares must be sold from the previous question?
3. What is the ex-rights price (the share price after the offer is complete)?
4. What is the value of a right, based on the previous question?