Tesla to Sell Up to $5 Billion in Stock From Time to Time
September 01 2020 - 8:01AM
Dow Jones News
By Dave Sebastian
Tesla Inc. said it plans to sell up to $5 billion in stock
through an at-the-market offering from time to time.
Shares rose 6% in premarket trading Tuesday. Tesla shares on
Monday jumped 13% to $498.32 after the company's 5-for-1 split. Its
shares have surged 81% from the company's Aug. 11 stock-split
announcement and have more than quintupled this year.
The electric-vehicle maker said it has entered an equity
distribution agreement with Goldman Sachs & Co. LLC, BofA
Securities Inc., Barclays Capital Inc., Citigroup Global Markets
Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC,
Credit Suisse Securities (USA) LLC, SG Americas Securities LLC,
Wells Fargo Securities LLC and BNP Paribas Securities Corp.
Those banks, which will act as sales agents, will get a
commission of up to 0.5% of gross proceeds from each sale of the
shares, as well as certain expenses, Tesla said. The company said
it could terminate the agreement at any time.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
September 01, 2020 07:46 ET (11:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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