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.If the value of BST stock is $25 at the end of the first trading day,what is the value of Miller's investment?
A) $50 million
B) $25 million
C) $30 million
D) $5 million
Correct Answer:
Verified
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