The Fryberry Company, whose stock price is now $30, needs to raise $16 million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $25 per share because of signaling effects. The underwriters' compensation will be 3% of the issue price, so Fryberry will net $24.25 per share. The firm will also incur expenses in the amount of $155,000. How many shares must the firm sell to net $16 million after underwriting and flotation expenses? Do not round intermediate calculations. Round your answer to the nearest whole number.

shares