Approved and exercised shares Aspin Corporation's charter permits the issuance of 2,200,000 ordinary shares. Currently 1,200,000 shares outstanding and 400,000 shares outstanding shares are held as treasury shares. The firm wants to raise $49.5 million to expand a facility. Talks with investment bankers indicate that the sale of new common stock will net the company $45 per share.

Required

A. What is the maximum number of new common shares the firm can sell without further authorization from shareholders?

B. Based on the given data and your finding in part a, do you think the firm can raise the necessary funds without further authorization?

C. What must the firm do to obtain authorization to issue more than the number of shares in section a?

A. The maximum number of new common shares the firm can sell without further authorization is zero shares. (Round to the nearest whole number.)