Problem:

The Huang Corporation needs to raise $66 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 $65per share and the company's underwriters charge a spread of 6 percent.

Required:

Question: If the SEC filing fee and associated administrative expenses of the offering are $925,000, how many shares need to be sold?

Note: Provide support for your rationale.