Deep Hollow Oil issued 140,000 shares of stock last week, received $23.15 per share, and incurred direct costs of $287,0

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answerhappygod
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Deep Hollow Oil issued 140,000 shares of stock last week, received $23.15 per share, and incurred direct costs of $287,0

Post by answerhappygod »

Deep Hollow Oil issued 140,000 shares of stock last week,
received $23.15 per share, and incurred direct costs of $287,000.
The offer price was $29 per share. Within the first hour of
trading, the stock price increased to $34 per share. What was the
flotation cost as a percentage of the funds raised?
Multiple Choice
53.49%
61.14%
49.72%
54.55%
64.47%
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