Miller Venture Capital
Miller Venture Capital made a $5 million investment in Bavarian Sausage Technology (BST) 8 years ago and in return received 1 million shares of convertible preferred stock that can be converted into 2 shares of common stock.After all stock has been converted BST will have 15 million shares outstanding.In addition,the company is planning on issuing an additional 3 million shares in an IPO.
-Refer to Miller Venture Capital.What fraction of BST's common stock will Miller own after the IPO?
A) 15.24%
B) 11.11%
C) 45.32%
D) 23.56%
Correct Answer:
Verified
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