After disclosing its intention to raise $5 billion cash through a common stock offering on Tuesday, Tesla has announced it has completed the sale in just 24 hours.
According to a Form 8-K filing with the US Securities and Exchange Commission made late Thursday, the final settlement is expected to be completed today.
“On December 9, 2020, Tesla, Inc. completed the sale of $5.0 billion (before commissions) of its common stock through its “at-the-market” offering program previously disclosed on December 8, 2020. The final settlement of the shares sold is expected to be completed by December 11, 2020.”
With just a few weeks left to go in the year, the large cash infusion gives Tesla a very healthy bank statement with approximately $20 billion cash on hand (via MarketWatch).
What exactly will CEO Elon Musk do with all that cash? It is no secret the automaker has major expansion plans, with two Gigafactories under construction in Berlin, Germany and Austin, Texas.
Then there is the planned product line expansion. When Giga Texas opens next year, it is expected to begin manufacturing the Cybertruck and new generation Roadster.
Not to be left out is Tesla’s plans to introduce its new 4860 tabless battery cells in the coming years. Musk recently announced Giga Berlin will also include a massive battery facility capable of producing 100 GWh/year, with potential to eventually expand to 250 GWh/year.
Whatever Musk has up his sleeve, he will definitely have enough cash on hand to make it a reality.
Legal Disclaimer – Mike holds shares of Tesla, Inc. (TSLA) and has no plans to change any positions within 72 hours.
