Tesla (NASDAQ:TSLA) announces a $250M offering of common stock and $750M of convertible senior notes due in 2022.
The company grants the underwriters a 30-day option to purchase up to an additional 15% of each offering.
Elon Musk will purchase $25M of common stock.
The aggregate gross proceeds of the offerings is expected to be approximately $1.15B.
Tesla says it intends to use the proceeds to strengthen its balance sheet and further reduce any risks associated with the rapid scaling of its business amid the Model 3 ramp up.
TSLA +2.95% AH to $263.33.
Source: Press Release
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