Underwriting and Flotation Expenses

The Beranek Company, whose stock price is now $25, needs to raise $10 million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $20 per share because of signaling effects. The underwriters' compensation will be 6% of the issue price, so Beranek will net $18.80 per share. The firm will also incur expenses in the amount of $190,000. How many shares must the firm sell to net $10 million after underwriting and flotation expenses? Do not round intermediate calculations. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest whole number.

________ shares