A day after its 5-for-1 stock split took effect, Tesla is announcing plans to sell up to $5 billion worth of common shares. The electric car and solar panel maker says in a filing with securities regulators that it intends to sell up to 10.03 million shares and use the proceeds for unspecified general corporate purposes. The sales would be made "from time to time" and Tesla says the actual amount of the offering can't be determined at present. Tesla shares rose 2.1 per cent in premarket trading Tuesday after the filing with the U.S. Securities and Exchange Commission. As of June 30, Tesla had $8.6 billion in cash and roughly $8.5 billion in debt excluding vehicle and solar panel financing.

Source: CBC News September 01, 2020 13:22 UTC