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Tesla plans to sell $1.7 billion in new stock to fund Model 3
May 19, 2016 by publisher · Leave a Comment
By Paul Lienert and Alexandria Sage DETROIT/SAN FRANCISCO (Reuters) – Tesla Motors Inc will offer up to $1.7 billion of new common stock to finance the accelerated launch of its new Model 3 electric sedan, the electric luxury car maker said on Wednesday. Tesla shares fell 2.2 percent following the announcement, which came after the market closed. Tesla, which has posted operating losses since its initial public offering in June, 2010, said in a prospectus it expected to sell as many as 8.2 million shares at a price of $204.66 a share.
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Tesla plans to sell $1.7 billion in new stock to fund Model 3