The Dunning Co. needs to raise $65.9 million to finance its expansion into new markets. The company will sell new shares of equity via general cash offering to raise the needed funds. The offer price is $59 per share and the company’s underwriters charge a spread of 8.5 percent. The SEC filing fee and associated administrative expenses of the offering are $459,000. (Enter your answer as directed, but do not round intermediate calculations.)
What are the required proceeds from the sale necessary for the company to pay the underwriter's spread and administrative costs?
How many shares need to be sold?