The Elkmont Corporation needs to raise $52.2 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 $38 per share and the companys underwriters charge a spread of 7 percent. The SEC filing fee and associated administrative expenses of the offering are $1,462,000.

What are the required proceeds from the sale necessary for the company to pay the underwriter's spread and administrative costs?

How many shares need to be sold?