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The Elkmont Corporation needs to raise $52.8 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 $44 per share and the company’s underwriters charge a spread of 7 percent. (Enter your answer as directed, but do not round intermediate calculations.)

Required: How many shares need to be sold? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).)

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91774865

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