Red Shoe Co. has concluded that additional equity nancing will be needed to expand operations and that the needed funds will be best obtained through...

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Red Shoe Co. has concluded that additional equity ﬁnancing will be needed toexpand operations and that the needed funds will be best obtained through a rightsoffering. It has correctly determined that as a result of the rights offering, the shareprice will fall from $54 to $50.60 ($54 is the rights-on price; $50.60 is the ex-rightsprice, also known as the when—issued price). The company is seeking $18 million inadditional funds with a per-share subscription price equal to $22. How many shares are there currently, before the offering? {Assume that the incrementto the market value of the equity equals the gross proceeds from the offering.) (Donot round intermediate calculations and round your answer to nearest wholenumber, e.g., 32.) 6,882,353