Tesla plans share sale to raise US$500m
Print Edition
ELECTRIC-CAR maker Tesla Motors Inc said yesterday that it plans to raise about US$500 million through the sale of 2.1 million shares.
Chief Executive Elon Musk will buy nearly 84,000 shares for about US$20 million in the offering, it said. Musk is already the company’s largest shareholder with a 22.25 percent stake.
Tesla said it assumed the shares would be sold at Wednesday’s closing price of US$238.17.
As of July 30, it had 127.1 million shares outstanding.
The offering comes a week after Tesla reported a quarterly loss and said it might raise more cash to offset spending on production.
Up to Wednesday’s close, Tesla’s shares had fallen 12 percent since August 5, when the company reported its results. The underwriters have a 30-day option to buy up to US$75 million of additional shares, Tesla said.
The company said it intends to use the proceeds for development of its energy business, its upcoming Model 3 project, its battery Gigafactory and other general purposes.
Goldman Sachs and Morgan Stanley are lead joint book-running managers for the offering, while JPMorgan and Deutsche Bank Securities are additional book-running managers.
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