In the previous problem, if the SEC filing fee and associated administrative expenses of the offering are $1.3 million, how many shares need to be sold?

In the previous problem

The Hagelin Corporation needs to raise $50 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $34 per share and the company’s underwriters charge a spread of 7 percent, how many shares need to be sold?