Magenta Corporation wants to raise $$50\mathrm{.}2$ million in a seasoned equity offering, net of all fees. Magenta stock currently sells for $$12$

per share. The underwriters will require a spread of $$0\mathrm{.}6$ per share, and indicate that the issue must be underpriced by $5$ percent. In

addition to the underwriter's fee, the firm will incur $$1,200,000$ in legal, accounting, and other costs. How many shares must Magenta

sell?

Note: Enter your answer in millions rounded to $3$ decimal places.

Answer is complete but not entirely correct.