Homework answers / question archive / Italian Corporation will issue new common stock shares to raise $70,000,000

Italian Corporation will issue new common stock shares to raise $70,000,000

Finance

Share With

Italian Corporation will issue new common stock shares to raise $70,000,000. The planned dividend is $3.25 per share and is expected to increase 4.00 percent per year for the indefinite future. The market price is $70 per share and flotation cost is $5.50 per share. How many shares must Italian Corporation sell to achieve its target funding level? Report the result as a whole number.