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How many shares must magenta sell

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Reference no: EM132125211

Magenta corporation wants to raise 50.8 million in a seasoned equity offering, net of all fees. Magenta stock currently sells for $14 per share. The underwriters will require a spread of $.50 per share, and indicate that the issue must be under priced by 4%. In addition to the underwriters fee, the firm will incur $1,800,000 in legal, accounting, and other costs. How many shares must magenta sell? Enter your answer in millions rounded to three decimal places.

Reference no: EM132125211

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