Referring to our sample company as presented in Figures 13-1 through 13-3, business issues suddenly arise that force it to sell out for

$20,000,000 in early 2021. The acquiring company purchases all assets but assumes no liabilities (so all the liabilities and debt must be paid by our sample company). Based on the facts presented in this chapter, calculate the cap stack and how much the common stockholders would receive under this situation (disregard any value received by the option and warrant holders or dividends owed to the preferred investors).