ABC Corp. will issue 200,000 shares of stock, which will be available to the existing

ABC Corp. will issue 200,000 shares of stock, which will be available to the existing shareholders at a preferential subscription price of $36.45. Existing shareholders receive one right per share and 20 rights are required to be eligible to purchase one share of the new stock at the subscription price. If the rights are trading at $1.12 each, what is the current market value of ABC's stock?