Raybac is about to go public. Its present stockholders own 460,000 shares. The new public issue will represent 880,000 shares. The shares will be priced at $25 to the public with a 12% spread. The out-of pocket costs will be $430,000. What are the net proceeds to the firm?
$18,945,000
$-3,074,975
$18,935,000
$18,930,000