Renewable Energy Stock News Bites: Tesla Announces Offering of Common Stock

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Feb 13, 2020 (Investorideas.com via COMTEX) — February 13, 2020 Investorideas.com (www.investorideas.com) Renewable Energy Stock News Bites – Tesla, Inc.(NASDAQ: TSLA) (“Tesla”) today announced that it intends to offer approximately $2 billion of common stock in an underwritten registered public offering. Tesla has also granted the underwriters a 30-day option to purchase up to approximately $300 million of additional common stock.

Elon Musk, Tesla’s CEO, will participate by purchasing up to $10 million of common stock in this offering. In addition, Larry Ellison, a member of Tesla’s Board of Directors, will purchase up to $1 million of common stock.

The aggregate gross proceeds of the offering, assuming full exercise by the underwriters of their option to purchase additional securities, would be approximately $2.3 billion before discounts and expenses. Tesla intends to use the net proceeds from the offering to further strengthen its balance sheet, as well as for general corporate purposes.

Goldman Sachs & Co. LLC and Morgan Stanley are acting as lead joint book-running managers for the offering, with Barclays, BofA Securities, Citigroup, Credit Suisse, Deutsche Bank Securities, and Wells Fargo Securities acting as additional book-running managers, and Societe Generale acting as co-manager.

Read the company’s full news and disclaimer here:

https://ir.tesla.com/news-releases/news-release-details/tesla-announces-offering-common-stock

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