Underwriting and Flotation Expenses

The Beranek Company, whose stock price is now $40, needs to raise $20 million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $37 per share because of signaling effects. The underwriters' compensation will be 3% of the issue price, so Beranek will net $35.89 per share. The firm will also incur expenses in the amount of $185,000. How many shares must the firm sell to net $20 million after underwriting and flotation expenses? Do not round intermediate calculations. Round your answer to the nearest whole number.

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