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Howett Pockett, Inc., plans to issue 10.1 million new shares of its stock. In discussions with its investment bank, Howett Pocket learns that the bankers recommend a net proceed of $34.00 per share and they will charge an underwriter’s spread of 6.0 percent of the gross proceeds. In addition, Howett Pockett must pay $3.5 million in legal and other administrative expenses for the seasoned stock offering.

Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)

  Gross proceeds $  per share  

Calculate the total funds received by Howett Pockett from the sale of the 10.1 million shares of stock. (Enter your answer in millions of dollars rounded to 3 decimal places.)

  Funds received by Howett Pockett $  m

Financial Management, Finance

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