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The company needs to raise $40 million to finance its expansion into new markets. The company will sell new shares of equity via a general

The company needs to raise $40 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. If the offer price is $30 per share and the company's underwriters charge 12 percent spread, how many shares need to be sold?

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