Tesla Motors Prices Public Stock Offering
By AutoObserver Staff June 3, 2011Tesla Motors has priced its secondary public stock offering at $28.76 a share and said in a regulatory filing this morning that it has fully allocated the 5.3 million shares. The company, which also is privately selling 1.4 million shares to co-founder and CEO Elon Musk and 637,475 shares to Blackstar Investco -- a unit of German automotive giant Daimler -- will raise $211.5 million the sales, which are pending Securities and Exchange Commission approval.
Tesla said it intends to use proceeds of the public and private offerings to help fund ongoing expenses and for development of its third all-electric vehicle, the Model X sport-utility crossover that is slated to follow the Model S electric sedan into production in 2013. Goldman Sachs & Co. is sole underwriter of the public offering.
LEAVE A COMMENT