Kampfire estimates that it needs $25 million to support its expected growth. The underwriting fees charged by the investment banking firm for which you work are 9.7%for such issue sizes. In addition, it is estimated that Kampfire will incur $245,000 in other expenses related to the IPO. If your analysis indicates that Kampfire’s stock can be sold for $8.20 per share, how many shares must be issued to net the company the $25 million it needs?