flotation costs

Jasmine Flowers must raise $345 million for its future expansion. To do so, Jasmine expects to issue new common stock. Investment bankers have informed the company that the flotation costs will be 6.5 percent of the total amount issued and that the company will incur another $576,000 in costs associated with the issue. Jasmine can issue its stock for $55 per share. Determine how many shares Jasmine must sell to net $345 million after flotation costs.