Don's Captain Morgan, Inc

question 88

Multiple Choice

Don's Captain Morgan, Inc., needs to raise $25.5 million to finance plant expansion. In discussions with its investment bank, Don's Captain Morgan learns that the bankers recommend an offer price (or gross proceeds) of $19 per share and Don's Captain Morgan will receive $14.50 per share. How many shares of stock will Don's Captain Morgan need to sell in order to receive the $25.5 million they need?

• A) 1,758,621 shares
• B) 2,093,618 shares
• C) 1,068,966 shares
• D) 1,347,113 shares

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