Question: Check My Work (1 remaining) EQ eBook 8 Problem Walk-Through Underwriting and Flotation Expenses The Beranek Company, whose stock price is now $35, needs to

Check My Work (1 remaining) EQ eBook 8 Problem Walk-Through Underwriting

Check My Work (1 remaining) EQ eBook 8 Problem Walk-Through Underwriting and Flotation Expenses The Beranek Company, whose stock price is now $35, needs to raise $12 million in common stock. Underwriters have informed the firm's management that they must price the new issue to the public at $33 per share because of signaling effects. The underwriters' compensation will be 7% of the issue price, so Beranek will net $30.69 per share. The firm will also incur expenses in the amount of $115,000. How many shares must the firm sell to net $12 million after underwriting and flotation expenses? Do not round intermediate calculations. Round your answer to the nearest whole number. shares

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