Pioneer Capital is an investment institution providing underwriting services. In a recent IPO underwritten by Pioneer Capital, the IPO company plans to raise $10 million (net of the underwriter's spread) and the offer price of the IPO is $20.50. If Pioneer Capital charges a 4% spread, how many shares have to be sold to achieve the goal of the IPO?

A. 508131shares B. 487805shares C. 503223shares D. 483400shares