Tesla Selling Stocks to Raise an Additional $225-Million
Despite having already raised $226- (€175-) million in their first public shares offering, back in June of 2010, Tesla has been constrained by the Department of Energy (DOE) to increase the speed at which they will be repaying the $465-million credit line offered to them earlier this year.
Tesla officials say that their 6.93-million shares are each priced at $28.25, and they are now offering a 30-day option to its underwriter, in order to obtain an additional 1.04-million shares. This year, Tesla have had to take the optimism out of their production schedule for the Model S, due to production delays, and the company has yet to turn a profit.
They have announced a $160-million reduction in their revenues forecast, meaning that they expect to gain only $440-million by the end of the year. If they play their cards right, and so far they have, Tesla, which has already proven to be an excellently-managed company, will continue their ‘collaboration’with the DOE, as they have the necessary funds at their disposal to actually make things happen for the Slicon Valley-based automaker.