Pandora announces 14M-share offering, shares -3.1% AH

|About: Pandora Media (P)|By:, SA News Editor

Pandora (P) is issuing 10M new shares, and selling 4M on behalf of VC firm Crosslink Capital. Crosslink will still own 25M shares after the offering is completed. Underwriters will have a 2.1M-share overallotment option. (PR) (S-3)

Pandora says it intends to use the proceeds (would total $233M at current levels) for "general corporate purposes, including working capital and capital expenditures," along with potential acquisitions.

The offering comes with shares having more than doubled YTD.