Tesla Raises $1.2B, More Than Planned Ahead Of Model 3 Launch
Tesla's raising capital is not such a surprise for analysts who had been expecting some kind of similar move for a few months, as the company has been bleeding cash ahead of the much-anticipated Model 3 launch.
Tesla raised about $1.2 billion-about $350 million in common shares and $850 million in convertible debt, according to two Securities and Exchange Commission filings Friday. The underwriters increased the amount of equity and convertible notes to $1.2 billion.
The Palo Alto, Calif. -based manufacturer sold stock at $262 per share, totaling almost $350 million in proceeds, and issued convertible notes worth $850 million, according to a document filed Friday with the Securities and Exchange Commission. Instead of falling, Tesla stock is climbing in premarket trading.
Tesla CEO Elon Musk has attempted to assuage investor fears that the Model 3 will not enter production on schedule.
Despite facing major financial hurdles, and the dilutive nature of stock sales, the triumphant offering confounds Tesla skeptics, who point to the loss-marking company's $42.37 billion market capitalization - greater than that of Nissan Motor Co Ltd, which reported a profit of $4.7 billion previous year. According to a document filed by the company with the Securities and Exchange Commission, the California-based manufacturer sold its stock at $262 per share, raising almost $350 million in proceeds, and another $850 million via convertible debt. Tesla plans to accelerate expansion of the Supercharger network this year, starting with doubling its number of North American Supercharger locations in 2017, the company said in its quarterly earnings shareholder letter in February.
"Liquidity and cash burn remain key near-term risks, and investors may grow tired of continued raises as this is the second capital raise in a year", wrote UBS analyst Colin Langan.
It's important to note that Jason Wheeler, Tesla's departing CFO, later clarified that this capital expenditure is an estimate for the first half of the year, not a full-year estimate.
Several analysts forecasted a capital raise closer to $2.5 billion.
But it was not enough, and Monaco's players rushed to the centre circle to mob each other as the final whistle blew. Against a Monaco defense which has been poor all season, Agüero will feel he should have gotten at least one goal.
In the video rubble can be seen being thrown into the air as people try to distance themselves from the growing steam cloud. Ms Morelle said everyone on the mountain was quickly evacuated by rescue teams and guides who were "brilliant".
Manchester City joined Arsenal and Tottenham in the Champions League exit lounge after suffering a painful 3-1 defeat in Monaco. Their other star player is Bernardo Silva , 22, who has the ability to find a winning pass and to turn any game on its head.
An official explained that the delegation would be flying on a smaller plane than normal and that press access would be limited. If the administration wanted to have the diplomatic press corps accompany Tillerson to Asia, officials could have arranged that.
The meeting has been agreed to by the teams' respective boards amid warnings the series risked degenerating into anarchy. I wouldn't say that we are trying to push anything any further but we just need to focus on the two games that are left.
Shares in Asia fell early on Wednesday with a widely expected hike in US interest rates later in the day weighing on sentiment. The Netherlands has its own election this week, where politicians have also railed against the European Union and immigrants.
This will allow you to add Skills, sign into services that you use (such as to play music), and configure Alexa to your liking. Much like Siri, users can use Alexa to ask any number of questions about historical figures, events, music, sports and more .
There are other disputes on the horizon between California and the Trump administration, but this is the first big one. A senior White House official said Tuesday that the administration wants to negotiate one national standard.
Heading into the earnings release, covering analysts have a consensus target price of $2.22 on Penn West Petroleum Ltd. shares. The Return on Investment (ROI) is at -50.6% while it's Return on Equity (ROE) value stands at -75.6%.
Karanka walked away to save Middlesbrough says owner
His departure came three years and four months into his reign and followed lengthy talks with chairman Steve Gibson . Boro are winless in their last 10 Premier League games and are the league's lowest scorers with just 19 goals.
West Brom game 'vital' as Wenger makes top-four admission
So overall that's our targets. "They are at home, playing Arsenal , and this is what the fans turn up for week in, week out". James Morrison has found the back of the net in two of his last three Premier League games against Arsenal at The Hawthorns.
US Mulls Sending 1000 More Troops into Syria
Turkey has declared the YPG a terrorist organization and considers it to be linked to its own home-grown Kurdish insurgency. Russian Federation is not likely to stay out of the push on Raqqa, either.
Pandora launches premium music service
Sorrell added: "The fundamental issue is that you [Google] have to take responsibility for this as a media company". Open Pandora Premium and you'll see the familiar look and feel that has always made Pandora so easy to use.