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Your company has $10 million in outstanding debt and no excess cash. Investors were expecting the company to keep this amount of debt forever. Based

Your company has $10 million in outstanding debt and no excess cash. Investors were expecting the company to keep this amount of debt forever. Based on these expectations, the company's 8 million outstanding shares were trading at $4.7 per share. However, in a surprise announcement, the company just said that it will issue new shares to raise $10 million, and use the proceeds to pay off its debt. The company faces a 28% tax rate. Assume that taxes are the only market imperfection. How many shares will the company have to issue (give your answer in millions of shares, rounded to 1 decimal. For example, if your answer is 4.33 million shares, enter 4.3)?

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