The Gallery Has 150,000 Shares and 150,000 Warrants Outstanding

Multiple Choice

The Gallery has 150,000 shares and 150,000 warrants outstanding.One new share can be purchased for every 10 warrants plus $25 per new share.The stock is currently selling for $28 per share.If all the warrants are exercised immediately,what would be the adjusted market price of the stock?

A) $30.50
B) $25.13
C) $26.96
D) $28.00
E) $27.73