Finance its expansion into new markets

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The Dunning Co. needs to raise $65.6 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 $56 per share and the company’s underwriters charge a spread of 9 percent. The SEC filing fee and associated administrative expenses of the offering are $456,000. (Enter your answer as directed, but do not round intermediate calculations.) How many shares need to be sold?

Reference no: EM13934430

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