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Fintech company has concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a

Fintech company has concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a rights offering. It has correctly determined that as a result of the rights offering, the share price will fall from $73 to 68.95 ($73 is the right-on price; $68.95 is the ex-rights price, also known as the when-issued price). The company is seeking $16 million in additional funds with a per-share subscription price equal to $45. How many shares are there currently, before the offering? (Assume that the increment to the market value of the equity equals the gross proceeds from the offering.

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