Blue Corporation stock currently sells for $75 per share. There are 3 million shares currently outstanding. The company announces plans to raise $7 million by offering shares to the public at a price of $75 per share.

If the underwriting spread is 8 %, how many shares will the company need to issue in order to be left with net proceeds of $7 million?

Enter your answer as a whole number not in millions. ( For example, 1,000,000 not 1 million.)

Shares =