Howett Pockett, Inc., plans to issue 11.7 million new shares of its stock. In discussions with its investment bank, Howett Pocket learns that the bankers recommend a net proceed of $37.20 per share and they will charge an underwriter’s spread of 4.0 percent of the gross proceeds. In addition, Howett Pockett must pay $5.1 million in legal and other administrative expenses for the seasoned stock offering.
Calculate the gross proceeds per share. (Round your answer to 2 decimal places.)
Gross proceeds$________ per share
Calculate the total funds received by Howett Pockett from the sale of the 11.7 million shares of stock.(Enter your answer in millions of dollars rounded to 3 decimal places.)
Funds received by Howett Pockett$ _______ m