Tesla to Offer $2 Billion of Stock in Public Offering
February 13 2020 - 08:24AM
Dow Jones News
By Chris Wack
Tesla Inc. said Thursday it intends to offer about $2 billion of
common stock in an underwritten registered public offering.
The company said it has granted the underwriters a 30-day option
to purchase up to $300 million of additional common stock.
Tesla said Chief Executive Elon Musk will participate by
purchasing up to $10 million of common stock in the offering, and
board member Larry Ellison will purchase up to $1 million of
stock.
The company said proceeds of the offering, assuming full
exercise by the underwriters of their option to purchase additional
securities, would be about $2.3 billion.
Tesla said it intends to use the net proceeds from the offering
to further strengthen its balance sheet, as well as for general
corporate purposes.
Tesla shares were down 4% to $738.11 in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
February 13, 2020 08:09 ET (13:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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