Mexican Media Brands
UPDATE: Tesla Plans Stock Sale to Raise $643 Million
Tesla Motors Inc. tells federal regulators it intends to raise $643 million by selling 2.7 million shares at $242 per share.
#economics #regulations
Share
Tesla Motors Inc. tells federal regulators it intends to raise $643 million by selling 2.7 million shares at $242 per share. The company said yesterday it would sell 2.1 million shares.
CEO Elon Musk, who owns 22.3% of the company, plans to buy $20 million of the new offering. Underwriters Bank of America, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo will have the option to buy as many as 300,000 additional shares.
Tesla burned through $359 million in cash in April-June as it prepared to launch the Model X electric crossover vehicle this autumn. The company said last week it might sell shares to replenish its cash reserve.
Proceeds from the stock sale will be used to bolster the company's new stationary electrical storage business, develop the Model 3 electric sedan due in 2017 and continue construction of its giant battery "gigafactory" in Nevada, according to the filing.
RELATED CONTENT
-
Achieving Efficiency?
A look at on-road fuel economy changes over 92 years.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .