Glasauge AB concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a rights issue. It has correctly determined that as a result of the rights issue, the share price will fall from €3.38 to

€3.00 (€3.38 is the ‘rights-on’ price; €3.00 is the ex-rights price, also known as the whenissued price). The company is seeking €2 million in additional funds with a per-share subscription price equal to €2. How many shares are there currently, before the offering?

(Assume that the increment to the market value of the equity equals the gross proceeds from the offering.)