table of contents part ii price range our common stock commenced trading on the nasdaq national market under the symbol 201cmktx 201d on november 5 , 2004 . prior to that date , there was no public market for our common stock . on november 4 , 2004 , the registration statement relating to our initial public offering was declared effective by the sec . the high and low bid information for our common stock , as reported by nasdaq , was as follows : on march 28 , 2005 , the last reported closing price of our common stock on the nasdaq national market was $ 10.26 . holders there were approximately 188 holders of record of our common stock as of march 28 , 2005 . dividend policy we have not declared or paid any cash dividends on our capital stock since our inception . we intend to retain future earnings to finance the operation and expansion of our business and do not anticipate paying any cash dividends in the foreseeable future . in the event we decide to declare dividends on our common stock in the future , such declaration will be subject to the discretion of our board of directors . our board may take into account such matters as general business conditions , our financial results , capital requirements , contractual , legal , and regulatory restrictions on the payment of dividends by us to our stockholders or by our subsidiaries to us and any such other factors as our board may deem relevant . use of proceeds on november 4 , 2004 , the registration statement relating to our initial public offering ( no . 333-112718 ) was declared effective . we received net proceeds from the sale of the shares of our common stock in the offering of $ 53.9 million , at an initial public offering price of $ 11.00 per share , after deducting underwriting discounts and commissions and estimated offering expenses . additionally , prior to the closing of the initial public offering , all outstanding shares of convertible preferred stock were converted into 14484493 shares of common stock and 4266310 shares of non-voting common stock . the underwriters for our initial public offering were credit suisse first boston llc , j.p . morgan securities inc. , banc of america securities llc , bear , stearns & co . inc . and ubs securities llc . all of the underwriters are affiliates of some of our broker-dealer clients and affiliates of some our institutional investor clients . in addition , affiliates of all the underwriters are stockholders of ours . except for salaries , and reimbursements for travel expenses and other out-of-pocket costs incurred in the ordinary course of business , none of the proceeds from the offering have been paid by us , directly or indirectly , to any of our directors or officers or any of their associates , or to any persons owning ten percent or more of our outstanding stock or to any of our affiliates . as of december 31 , 2004 , we have not used any of the net proceeds from the initial public offering for product development costs , sales and marketing activities and working capital . we have invested the proceeds from the offering in cash and cash equivalents and short-term marketable securities pending their use for these or other purposes . item 5 . market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities november 5 , 2004 december 31 , 2004 .
what was the market cap of common stock as of march 28 , 2005?
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