Recently,Hale Corporation announced the sale of 2.5 million newly issued shares of its stock at a price of $21 per share.Hale sold the stock to investment bankers,who in turn sold it to individual and institutional investors.A transaction such as this is said to be a primary market transaction.

Question

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A primary market transaction is when a company issues new shares and sells them to investors for the first time, as in this case where Hale Corporation announced the sale of 2.5 million newly issued shares of its stock.

Recently,Hale Corporation Announced the Sale of 2