Through IPO, an investment bank is helping a manufacturing firm to issue new equity to finance the firms $120 million investment project that has a present value of $165 million. The firm has a debt of $45.1 million in place. The firms average annual earnings has been $12.8 million, and EBITDA $17 million. P/E and V/EBITDA ratios of similar firms without debt are 14 and 11.3, respectively

c) If the target share price after the issuance is $22.60, how many shares need to be sold to the new investors?