Tags: Tesla | Offering | Price | Stock

Tesla Sets Stock Offering Price at $242 a Share

Friday, 14 Aug 2015 08:19 AM

Tesla Motors is pricing an upcoming offering of its stock at $242 per share, or slightly below the most recent closing price for the electric car maker.

Shares of the company are climbing in early morning trading after it detailed in a regulatory filing an offering it expects to generate about $642 million in proceeds after expenses.

Tesla Motors Inc. will offer nearly 2.7 million shares or more than 3 million if underwriters exercise their option to buy more shares. CEO Elon Musk plans to buy $20 million worth of stock.

The Palo Alto, California, automaker says it needs the cash in part to help with development of its Model 3, a lower-cost electric car due out in 2017.

Shares of Tesla are up $1.99 to $244.50 in premarket trading.

© Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
InvestingAnalysis
Tesla Motors is pricing an upcoming offering of its stock at $242 per share, or slightly below the most recent closing price for the electric car maker.Shares of the company are climbing in early morning trading after it detailed in a regulatory filing an offering it...
Tesla, Offering, Price, Stock
130
2015-19-14
Friday, 14 Aug 2015 08:19 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved