The Purple Nickel Is Seeking to Raise $8 Million Through

The Purple Nickel is seeking to raise $8 million through a rights offering. Two rights will be required to purchase each new share of stock. Currently, there are 1.6 million shares outstanding at a market price of $12 per share. What is the ex-rights price?

A) $11.00
B) $11.33
C) $11.50
D) $11.58
E) $11.77