Tetus Corporation Went Public with an Initial Public Offering of 2.5

question 123

Essay

Tetus Corporation went public with an initial public offering of 2.5 million shares of stock.The underwriter used a firm commitment offering in which the net proceeds was $8.05 per share and the underwriter's spread was 8% of the gross proceeds.Tetus also paid legal and other administrative costs of $250,000 for the IPO.Calculate the gross proceeds and the total funds received from the sale of the 2.5 million shares of stock.

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