Calculating Costs of Issuing Stock Turbo Technology Corp. recently went public with an initial public offering of 3.17 million shares of stock. The underwriter used a firm commitment offering in which the net proceeds was $8.35 per share and the underwriter's spread was 5 percent of the gross proceeds. Turbo also paid legal and other administrative costs of $370,000 for the IPO. Calculate the gross proceeds per share received by Turbo from the sale of the 3.17 million shares of stock.
A. $8.35
B. $8.47
C. $8.91
D. $8.79
Answer: C
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