The Elkmont Corporation needs to raise $51.2 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. The offer price is $28 per share and the companys underwriters charge a spread of 8 percent. The SEC filing fee and associated administrative expenses of the offering are $1,452,000. How many shares need to be sold? Note:

Do not round intermediate calculations and enter your answer in shares, not millions of shares, rounded to the nearest whole number, e.g., 1,234,567.

THANKS in advance!