The Cookie Co. would like to sell 500 shares of stock using the Dutch auction method.

Could please walk me through this dutch auction method:

The Cookie Co. would like to sell 500 shares of stock using the Dutch auction method. The bids received were Bidder A, 200 shares at $40; Bidder B, 300 shares at $39; Bidder C, 500 shares at $38; and Bidder D, 400 shares at $37. What will be the gross proceeds from this auction?