After announcing its capital raise yesterday and testing the market, Tesla decided to increase its capital raise up to $2.7 billion and CEO Elon Musk increased his interest to contribute to $25 mil…
Source: electrek.co
Tesla, Inc. (NASDAQ: TSLA) announced on Friday that it has decided to increase its capital raise up to $2.7 billion. On Thursday, the Company had announced offerings of $650 million of common stock and $1.35 billion aggregate principal amount of convertible senior notes due in 2024 in concurrent underwritten registered public offerings with aggregate gross proceeds at ~$2.3 billion (assuming full exercise by the underwriters). According to new filings with the SEC, Tesla has set a price for its offering of 3,086,419 to 3,549,381 shares at $243 for $737.0 million to $847.6 million in proceeds. Assuming underwriters exercise their options in full, net proceeds will be up to $2.7 billion, expected to be used to strengthen balance sheet, and for general corporate purposes. Tesla’s CEO Elon Musk also increased his interest to contribute to $25 million from $10 million in the announced offerings.
