Diction Publishing estimates that it needs $500,000 to support its expected growth. The underwriting fees charged by the investment banking firm for which you work are 6.5% for such issue sizes. In addition, it is estimated that Diction will incur $4,900 in other expenses related to the IPO.

If your analysis indicates that Dictions stock can be sold for $40 per share, how many shares must be issued to net the company the $500,000 it needs?