The liquidity of Toms Corporation has been deteriorating significantly and is considering a rights issue to improve its liquidity. There are currently 2 million shares outstanding with a market value of $60 each. The firm needs to raise $24 million and wants you to design a rights issue that will allow the new stock price to be no lower than $55 and for there to be no more than 2.5 million shares outstanding after the issue.

Design a new share issue and calculate how many shares must be held to obtain the right to one new share, and what will be the price of the new share?