Problem 15-3 Calculating Flotation Costs [ [O3] The Meadows Corporation needs to ralse $66.1 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 $61 per share and the company's underwriters charge a spread of 95 percent. The SEC fling fee and assoclated administrative expenses of the offering are $461,000. How many shares need to be sold? Note: Do not round intermediate calculations and enter your answer in shares, not millions of shares, rounded to the nearest whole number, e.g., 1,234,567