Warehouse Inc. has decided to raise $9.3 million in additional funding via a rights offering. The firm will issue one right for each share of stock outstanding. The subscription price is $30. The current market price of the stock is $35. Currently, there are 930,000 shares outstanding. Brad currently holds 25,000 shares of the company and decides to participate in the rights offering. Joe currently holds 15,000 shares of the company and decides to sell the rights he owns to make some money. Which of the following statements are correct.

I. Brad will experience a percentage ownership dilution

II. Joe will experience a percentage ownership dilution

III. Joe will receive $18,750 from selling his rights

IV. Joe will receive $75,000 from selling his rights

A. I only

B. I and II only

C. I and IV only

D. II and III only

E. I, II and III only