The all-electric luxury sports car manufacturer Tesla Motors, based out of Palo Alto, California, announced that it has opened up its follow-on offering of 5,300,000 shares of common stock to the public at a price of $28.76 per share. Trading on the NASDAQ as “TSLA,” the automaker noted that closing price of its stock just a week ago was $26.72 per share.
Goldman, Sachs & Co. acted as the sole underwriter of the public offering, and Tesla Motors is allowing them a 30-day option to purchase an additional 795,000 shares. As well, Elon Musk, Tesla Motors co-founder and CEO plans to purchase 1,416,000 shares of the common stock, and Blackstar Investco, an affiliate company of Daimler AG plans to purchase 637,475 shares.
Image via Tesla
The American electric vehicle manufacturer says at least some of the funds raised from selling the stock will go to develop its new Model X, a cross over vehicle. Currently, the company is working on its Model S that will have a reported 300 mile range on a single charge, but cost $70,000
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