Tesla Motors scheduled its initial public stock offering for June 29

Article by Christian A., on August 29, 2010

Tesla Motors Inc.'s initial public stock offering is set for June 29. Tesla, an electric car maker based in Palo Alto, Calif., aims to raise up to $178 million through the sale. New government filings indicate that the company intends to sell 11.1 million shares priced between $14 and $16 per share.

Last January, Tesla's filing with the Securities and Exchange Commission indicated that it wants to raise as much as $100 million. Shares will list on the Nasdaq stock system under the symbol TSLA.

The Tesla stock sale doesn´t come at a favorable period for public offerings. Since May 1, over 30 companies have postponed or delayed stock sales due to concerns about the European debt crisis and the pace of the recovery of the US economy.

In fact, General Motors Co., which is under partial government ownership, wants to go public this fall. A SEC filing reveals that proceeds from the Tesla offering will be used for factories and to fund possible acquisitions.

Tesla also said that its existing stockholders, including CEO and co-founder Elon Musk, will sell 1.1 million of the 11.1 million shares and that Toyota Motor Corp. will purchase an additional $50 million of stock in a private placement.

Since Tesla was created, it had never posted a profit and in recent years, has incurred almost $300 million in losses. As of March 31, Tesla has only sold 1,063 of its $109,000 Roadster models but still piques the interest of environmentally conscious investors and exotic-car enthusiasts.

Topics: tesla, ipo, united states

If you liked the article, share on:

Pin It

Comments

Recommended

Has Toyota started the production of a new electric supercharger? Well, a patent that was recently published indicated that they might have. And this electric supercharger looks more durable and...
by - March 27, 2017
The Tesla Model S has finally arrived in South Korean soil and is now available for test drive. But, there’s a catch. You’ll have to wait several months if you...
by - March 27, 2017
Sorry to say this to the Sport Quattro Concept fanatics. If you guys have been hoping for the production of this iconic concept to begin, prepare for your dreams to...
by - March 27, 2017
South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries