Superior, Inc., is a manufacturer of beta-blockers. Management has concluded that additional equity financing is required to increase production capacity, and that these funds are best attained through a rights offering. It has correctly concluded that, as a result of the rights offering, share price will fall from \($50\) to \($45\) (\($50\) is the rights-on price; \($45\) is the ex-rights price, also known as the when-issued price). The company is seeking \($5\) million in additional funds with a per-share subscription price equal to \($25\).

a. How many shares were there before the offering?