The Whistling Straits Corporation needs to raise $80 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 $35 per share and the company's underwriters charge a spread of 5 percent. If the SEC filing fee and associated administrative expenses of the offering are $600,000, how many shares need to be sold? (Do not round intermediate calculations and enter your answer in dollars, not millions, rounded to the nearest whole number, e. g., 1,234,567.)

Number of shares= 2,424,060 units  

Explanation:

The number of shares to be sold can be worked back as follows:

                                                                   $

Gross proceeds                                      80,000,000

Administrative fees                                      600,000

                                                                 80,600,000

Gross proceed inclusive of Underwriting fees

= 80,600,000/(100-8)%

=84,842,105.26

Number of shares to be sold = Gross proceeds/price per share

=$84,842,105.26 /$35

= 2,424,060.15  

Number of shares= 2,424,060 units  

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