SMG Corporation sold 20 million shares of common stock in a seasoned offering. The market price of the company’s shares, immediately before the offering, was $14.75. The shares were offered to the...

SMG Corporation sold 20 million shares of common stock in a seasoned offering. The market price of the company’s shares, immediately before the offering, was $14.75. The shares were offered to the public at $14.50, and the underwriting spread was 4 percent. The company’s expenses associated with the offering were $7.5 million. How much new cash did the company receive?