Tesla closed its stock offering – expects $738.3 million in net proceeds

Last week, Tesla announced a secondary stock offering to try to raise $500 million. Last night, the company released a SEC filing to disclose the closing of the stock offering, and they expect net proceeds (after commissions) to reach $738.3 million, or 47% higher than originally anticipated.

The company intends to use the money raised from the offering for “the growth of its stores, service centers, Supercharger network and the Tesla Energy business, and for the development and production of Model 3, the development of the Tesla Gigafactory, and other general corporate purposes.”

Several banks were underwriting the offering. Here’s the breakdown of the shares for each bank:

Elon Musk, Tesla’s CEO, bought $20 million worth of stock in the offering.

The proceeds from the offering will add to Tesla’s cash position, which was $1.15 billion as of June 30th, 2015. The company suffered from a cash outflow of $755 million for the first 6 months of 2015.

Image courtesy of Reuters: Deepak Ahuja, Kimbal Musk, Elon Musk and Talulah Riley during Tesla’s IPO.