In a Recent IPO,the Sausage Co

Multiple Choice

In a recent IPO,the Sausage Co.offered 1.4 million shares of stock at an offer price of $16 a share.The underwriting was conducted on a best efforts basis with a spread of 7.0 percent.The Sausage Co.received a total of $20,079,868.00 in sale proceeds.How many shares were sold?

A) 1,349,453 shares
B) 1,486,500 shares
C) 1,498,200 shares
D) 1,505,700 shares
E) 1,508,400 shares