The Beranek Company, whose stock price is now $20, 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 $16 per share because of signaling effects. The underwriters' compensation will be 5% of the issue price, so Beranek will net $15.20 per share. The firm will also incur expenses in the amount of $155,000.
How many shares must the firm sell to net $20 million after underwriting and flotation expenses? Round your answer to the nearest whole number.