Answer:
1,114,518.63 shares
Step-by-step explanation:
Offer price per share = $70 per share
Underwriter's spread per share = Offer price per share × 8%
= $70 × 0.08
= $5.6 per share
Net proceeds per share = Offer price per share - Underwriter's spread per share
= $70 - $5.6
= $64.4 per share
Amount required to be raised by issue of shares:
= Amount required for expansion + SEC filing price
= $71,000,000 + $775,000
= $71,775,000


= 1,114,518.63
Therefore, the number of shares to be sold are 1,114,518.63