The Scandrick Corporation 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. The offer price is $15 per share and the companys underwriters charge a spread of 5 percent. If the SEC filing fee and associated administrative expenses of the offering are $500,000, how many shares need to be sold? (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.)