Pawprints Paint recently went public in a best efforts offering. The company offered 165,000 shares of stock for sale at an offer price of $27 per share. The administrative costs associated with the offering were $405,000 and the underwriter's spread was 8.5 percent. After completing their sales efforts, the underwriters determined that they sold a total of 158,700 shares. What were the net proceeds to the company?   Multiple Choice $3,266,325 $3,110,684 $3,671,325 $3,920,684 $3,515,684

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