Nester, Inc

Nester, Inc. has decided to raise $3 million in additional funding via a rights offering. Every shareholder will receive one right for every share of stock they own. The offering consists of a total
Of 375,000 new shares. The current market price of Nester's stock is $20. Currently, there are 1.875
Million shares outstanding. What is the value of one right?

A) $1.00
B) $1.60
C) $2.00
D) $3.00
E) $3.60