#7

7 Magenta Corporation wants to raise $50.3 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 $0.5 per share, and indicate that the issue must be underpriced by 4 percent. In addition to the underwriter's fee, the firm will incur $1,300,000 in legal, accounting, and other costs. How many shares must Magenta sell? (Enter your answer in millions rounded to 3 decimal places.) 50 points Number of shares million eBook References