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Magenta Corporation wants to raise $50.9 million in a seasoned equity offering, net of all...

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Accounting

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Magenta Corporation wants to raise $50.9 million in a seasoned equity offering, net of all fees. Magenta stock currently sells for $15 per share. The underwriters will require a spread of $0.6 per share, and indicate that the issue must be underpriced by 6 percent. In addition to the underwriter's fee, the firm will incur $1,900,000 in legal, accounting, and other costs. How many shares must Magenta sell? Note: Enter your answer in millions rounded to 3 decimal places

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