The Greenbriar is an all-equity firm with a total market value of $599,000 and 23,300 shares of stock outstanding. Management is considering issuing $217,000 of debt at an interest rate of 10 percent and using the proceeds on a stock repurchase. Ignore taxes. How many shares will the firm repurchase if it issues the debt securities?

8,441 shares

59,900 shares

10,231 shares

9,379 shares

844 shares