Zimba Technology Corp. recently went public with an initial public offering of 1.6 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds were $9.66 per share and the underwriter’s spread was 8 percent of the gross proceeds. Zimba also paid legal and other administrative costs of $261,000 for the IPO.
Calculate the gross proceeds per share____
Calculate the total funds received by Zimba from the sale of the 1.6 million shares of stock._____