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The Sullivan Co. needs to raise $66.9 million to finance its expans The company will sell new shares of equity via a general cash offE needed funds. The offer price is $69 per share and the company's spread of 9.5 percent. The SEC filing fee and associated administr offering are $469,000. How many shares need to be sold? (Do no calculations and enter your answer in shares, not millions of sha nearest whole number, e.g., 1,234,567.)

The Sullivan Co. needs to raise $66.9 million to finance its expans The company will sell new shares of equity via a general cash offE needed funds. The offer price is $69 per share and the company's spread of 9.5 percent. The SEC filing fee and associated administr offering are $469,000. How many shares need to be sold? (Do no calculations and enter your answer in shares, not millions of sha nearest whole number, e.g., 1,234,567.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Find the number of shares offered
The Sullivan Co. needs to raise $66.9 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $69 per share and the company's underwriters charge a spread of 9.5 percent. The SEC filing fee and associated administrative expenses of the offering are $469,000. How many shares need to be sold? (Do not round intermediate calculations and enter your answer in shares, not millions of shares, rounded to the nearest whole number, e.g., 1,234,567.) Number of shares offered Prev ype here to search
Transcribed Image Text:The Sullivan Co. needs to raise $66.9 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $69 per share and the company's underwriters charge a spread of 9.5 percent. The SEC filing fee and associated administrative expenses of the offering are $469,000. How many shares need to be sold? (Do not round intermediate calculations and enter your answer in shares, not millions of shares, rounded to the nearest whole number, e.g., 1,234,567.) Number of shares offered Prev ype here to search
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