Magenta Corporation wants to raise $51.9 million in a seasoned equity offering, net of all fees. Magenta stock currently sells for $10 per share. The underwriters will require a spread of $0.6 per share, and indicate that the issue must be underpriced by 5 percent. In addition to the underwriters fee, the firm will incur $2,900,000 in legal, accounting, and other costs. How many shares must Magenta sell? (Enter your answer in millions rounded to 3 decimal places.)

Magenta Corporation wants to raise $51.9 million in a seasoned equity offering, net of all fees. Magenta stock currently sells for $10 per share. The underwriters will require a spread of $0.6 per share, and indicate that the issue must be underpriced by 5 percent. In addition to the underwriters fee, the firm will incur $2,900,000 in legal, accounting, and other costs. How many shares must Magenta sell? (Enter your answer in millions rounded to 3 decimal places

Number of Shares: