300
Shaw Company, whose stock price is now $12, needs to raise $10 million in common stock. Securities Brokers, the underwriter, has informed Shaw that they must price the new issue to the public at $10 per share. Securities Brokers compensation will be 5% of the issue price, so Shaw will net only $9.5 per share. Shaw will also incur direct expenses in the amount of $100,000. How many shares must the firm sell to net $10 million after underwriting and direct flotation expenses?
What is 1,063,158?