Problem 19-6 Calculating Flotation Costs

The Hagelin Corporation will sell new shares of equity via a general cash offering to raise $71,000,000 to finance its expansion. The offer price is $70 per share and the company's underwriters charge a spread of 8 percent. If the SEC filing fee and associated administrative expenses of the offering are $775,000, how many shares need to be sold? (Do not round intermediate calculations and round your answer to the nearest whole number. Enter your answer in shares, not millions, e.g., 1,234,567.) Number of shares offered shares