ALC needs to raise $12 million to finance its expansion into new markets and has decided to sell new shares of equity via a general cash offering. The offer price will be $28 per share, the accounting and legal fees are expected to be $645,000, and the company's underwriters will charge a spread of 8.2 percent. How many shares need to be sold?
489,889 shares
521,208 shares
523,467 shares
491,947 shares
515,323 shares