Red Shoe Co. 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 $38 to $35.40 ($38 is the rights-on price; $35.40 is the ex-rights price, also known as the when-issued price). The company is seeking $21 million in additional funds with a per-share subscription price equal to $20.

How many shares are there currently, before the offering?