The firm you founded currently has 12 million shares, of which you own 7 million. You are considering an IPO where you would sell 2 million shares for $ 20 each. If all of the shares sold are from your holdings, how much will the firm raise? What will be your percentage ownership of the firm after the IPO?

If all of the shares sold are from your holdings,

(Select the best choice below.)

A. the firm will raise $240 million from the IPO.

B. the firm will raise no money from the IPO.

C. the firm will raise $40 million from the IPO.

D. the firm will raise $140 million from the IPO.

Your percentage ownership of the firm after the IPO will be ____%. (Round to one decimal place.)