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:

Comments

Recommended

Not a few agree that the Volkswagen Polo news a styling overhaul. While this supermini still looks good as it is now, the latest facelift was around three years. With...
by - April 27, 2017
They say that when the going gets tough, the tough get going. That’s what Harvey Payne did with his Chevrolet Bolt. Ever since he bought it, it had been experiencing...
by - April 27, 2017
What defines a coupe? Well, according to the dictionary, “it is a car with a fixed roof and two doors”. Ok, now that it is clear, when does one not...
by - April 27, 2017
Back in 2013 was when the first hot hatch was released, that was the original A45 by Mercedes-AMG, carrying a hand-built 2.0 liter M133 turbo mill. It was then then...
by - April 27, 2017
BMW dealers have a problem, a good problem. The demand for the 2017 BMW 5 Series is very high, they cannot attend to all the customers. But actually, supplies are...
by - April 27, 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