Don’s Captain Morgan, Inc. needs to raise $12.5 million to finance plant expansion. In discussions with its investment bank, Don’s learns that the bankers recommend an offer price (or gross proceeds) of $25.50 per share and Don’s will receive $23.75 per share. Calculate the underwriter’s spread on the issue. How many shares of stock will Don’s need to sell in order to receive the $12.5 million they need?