Tesla 1.34M Stock Offering Priced At $262 Per Share

Tesla in a regulatory filing said it will offer 1,335,878 shares of common stock to the public at a price of $262.00. The deal was upsized from 980,000 shares.

The stock closed yesterday up $6.32 to $262.05. Elon Musk, CEO of Tesla, is purchasing a total of 95,420 shares for an aggregate purchase price of approximately $25M in the offering at the public offering price.

The electric carmaker intends to use the net proceeds from the stock and convertible notes offering to "strengthen its balance sheet and further reduce any risks associated with the rapid scaling of its business due to the launch of Model 3, as well as for general corporate purposes." Goldman Sachs, Deutsche Bank, Citigroup, Morgan Stanley, Barclays, Merrill Lynch and Credit Suisse severed as the book-running managers.

 

Disclosure: None.

OTHERS TO WATCH: Many others in the retail sector are lower this morning, including Macy's, Kohl's, American Eagle, Nordstrom (JWN), Abercrombie & Fitch (ANF) and Urban Outfitters (URBN).

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