By Dave Sebastian
Tesla Inc. said it plans to sell up to $5 billion in stock through an at-the-market offering from time to time.
Shares rose 6% in premarket trading Tuesday. Tesla shares on Monday jumped 13% to $498.32 after the company's 5-for-1 split. Its shares have surged 81% from the company's Aug. 11 stock-split announcement and have more than quintupled this year.
The electric-vehicle maker said it has entered an equity distribution agreement with Goldman Sachs & Co. LLC, BofA Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, SG Americas Securities LLC, Wells Fargo Securities LLC and BNP Paribas Securities Corp.
Those banks, which will act as sales agents, will get a commission of up to 0.5% of gross proceeds from each sale of the shares, as well as reimbursement for certain expenses, Tesla said. The company said it could terminate the agreement at any time.
Write to Dave Sebastian at email@example.com