High mountain gear issued 385000 shares of stock last week, Ask an Expert

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High Mountain Gear issued 385,000 shares of stock last week. The underwriters charged a spread of 7.2 percent in exchange for agreeing to a firm commitment. The legal and accounting fees were $302,000. The company incurred $39,000 in indirect costs. The offer price was $17 a share. Within the day of of trading, the stock was selling for $18.80 a share. What was the flotation cost as a percentage of the funds raised?

A. 31.90 percent B. 35.78 percent C. 32.51 percent D. 26.26 percent E. 29.08 percent

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92167826

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