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22. MacKenzie Corporation currently has 10 million shares of stock outstanding at $38 per share....

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Accounting

22. MacKenzie Corporation currently has 10 million shares of stock outstanding at $38 per share. The company would like to raise money and has announced a rights issue. Every existing shareholder will be sent one right per share of stock that he or she owns. The company plans to require ten rights to purchase one share at a price of $38 per share. How much money will it raise if all rights are exercised? The company will be able to raise $____million? (Round to one decimal place.)

10. Your investment bankers price your IPO at $15.37 per share for 9.7 million shares. If the price at the end of the first day of trading is $17.47 per share. a. What was the percentage underpricing? b. How much money did the firm miss out on due to underpricing?

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