Table:
|  | Authorized<br>Shares | Issued and Out-<br>standing Shares | Common Stock |
| --- | --- | --- | --- |
| Balance as of January 1, 2017 | 180,000,000 | 101,969,666 | 1,020 |
| Common Shares Issued in Follow-on Offering | - | 40,000,000 | 400 |
| Balance as of December 31, 2017 | 180,000,000 | 141,969,666 | 1,420 |
| Authorization of additional authorized shares | 180,000,000 | - | - |
| Balance as of December 31, 2018 | 360,000,000 | 141,969,666 | 1,420 |
| At-the-Market Offering | - | 5,260,968 | 52 |
| Balance as of December 31, 2019 | 360,000,000 | 147,230,634 | 1,472 |
Paragraphs:
14. SHAREHOLDERS’ EQUITY
Authorized, issued and outstanding common shares roll-forward is as follows:
In December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.
In December 2018, the Annual General Meeting of the Company approved to increase the Company’s authorized share capital from $1.8 million to $3.6 million.
During 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.
Question:
What is the value of the number of shares issued by the company in 2017 as a percentage of its total issued and outstanding shares as at December 31, 2017?
Answer: 40000000/141969666  = 28.18