Turbo Technology Corp. recently went public with an initial public offering of 3.08 million shares of stock.
The underwriter used a firm commitment offering in which the net proceeds was $7.90 per share and the underwriter's spread was 7 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $280,000 for the IPO.
Calculate the gross proceeds per share received by Turbo from the sale of the 3.08 million shares of stock.