Tesla raises $1.2 bn, 20 percent more than plannedMarch 17, 2017 - 18:22 AMT PanARMENIAN.Net - Tesla Inc said on Friday, March 17 it had raised about $1.2 billion, roughly 20 percent more than it had planned, by selling common shares and convertible debt, ahead of the launch of the crucial Model 3 sedan, Reuters says. The company, led by Elon Musk, said it sold 1.3 million common shares at $262 apiece to raise $350 million and that it raised another $850 million though the sale of convertible senior notes due 2022. The electric car company said on Wednesday it planned to sell $250 million worth of stock and $750 million in notes. Tesla had been expected to raise capital since late last year, with the expectations gaining steam last month after Musk said the company could be "close to the edge" on cash needs. Musk said Tesla was considering a number of options, including raising capital, to reduce risk ahead of the upcoming Model 3 sedan, the $35,000 mass-market vehicle on which the company's future profitability hinges. Tesla said Musk, already the company's top shareholder with a stake of about 21 percent as of December, bought 95,420 common shares for $25 million in the latest stock sale. The 1.3 million shares sold represents about 0.8 percent of Tesla's outstanding shares as of Dec. 31. Tesla's shares were up 0.3 percent at $262.71 in premarket trading on Friday. Photo. Reuters/James Glover II Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |