In a Recent IPO, the Sausage Co

Multiple Choice

In a recent IPO, the Sausage Co. offered 1.6 million shares of stock at an offer price of $18 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 $25,079,868.00 in sale proceeds. How many shares were sold?

A) 1,378,700 shares
B) 1,486,500 shares
C) 1,498,200 shares
D) 1,505,700 shares
E) 1,508,400 shares