The Elkmont Corporation needs to raise $49 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $26 per share and the company's underwriters charge a spread of 7.5 percent. The SEC filing fee and associated administrative expenses of the offering are $1,450,000. (Enter your answer as directed, but do not round intermediate calculations.)
Required:
How many shares need to be sold?