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The Sullivan Co. needs to raise $65.5 million to finance its expansion into new markets. The company will sell new shares of equity via a
The Sullivan Co. needs to raise $65.5 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $55 per share and the companys underwriters charge a spread of 8.5 percent. The SEC filing fee and associated administrative expenses of the offering are $455,000. How many shares need to be sold?
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