The Raven Co. has just gone public. Under a firm commitment
agreement, Raven received $17.30 for each of the 15 million shares
sold. The initial offering price was $21.00 per share, and the
stock rose to $23.40 per share in the first few minutes of trading.
Raven paid $540,000 in direct legal and other costs and $170,000 in
What was the flotation cost as a percentage of funds raised?
(Do not round intermediate calculations and round your
final answer to 2 decimal places. (e.g., 32.16))
This question was answered on: Dec 08, 2020
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