Problem $15-3$ Rights $[$LO$4]$

The Tennis Shoe Company has concluded that additional equity financing will be needed to expand operations and that the needed funds will be best obtained through a rights offering. It has correctly determined that as a result of the rights offering, the share price will fall from $$37$ to $$34\mathrm{.}20($$$37$ is the rights$-$on price; $$34\mathrm{.}20$ is the ex$-$rights price, also known as the when$-$issued price$).$ The company is seeking $$16$ million in additional funds with a per$-$share subscription price equal to $$20.$ 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.$)($Do not round intermediate calculations and round your answer to the nearest whole number, e$.$g$.,32.)$