Young Corporation stock currently sells for $30 per share. There are 1 million shares currently outstanding.

Young Corporation stock currently sells for $30 per share. There are 1 million shares currently outstanding. The company announces plans to raise $4 million by offering shares to the public at a price of $30 per share.

a. If the underwriting spread is 4%, how many shares will the company need to issue in order to be left with net proceeds (before other administrative costs) of $4 million ?