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The Beranek Company, whose stock price is now $35, needs to raise $29 million in...

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Finance

The Beranek Company, whose stock price is now $35, needs to raise $29 million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $31 per share because of signaling effects. The underwriters' compensation will be 3% of the issue price, so Beranek will net $30.07 per share. The firm will also incur expenses in the amount of $75,000. How many shares must the firm sell to net $29 million after underwriting and flotation expenses? Do not round intermediate calculations. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest whole number.

_________ shares

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