2010 Initial Public Offering
On 29 January 2010, Tesla Motors filed Form S-1 with the U.S. Securities and Exchange Commission, as a preliminary prospectus indicating its intention to file an initial public offering (IPO) underwritten by Goldman Sachs, Morgan Stanley, J. P. Morgan, and Deutsche Bank Securities. In a standard S-1 update filed March 26, Tesla added fourth-quarter 2009 data to the initial filing. According to the update, Tesla sold 937 Tesla Roadsters to customers in 18 countries and generated US$126.8 million in revenue as of Dec. 31, 2009. On May 21, 2010, Tesla announced a "strategic partnership" with Toyota, which agreed to purchase US$50 million in Tesla common stock issued in a private placement to close immediately after Tesla's planned IPO. Executives at both companies said that they would cooperate on "the development of electric vehicles, parts, and production system and engineering support." Less than two months later, Toyota and Tesla confirmed that their first platform collaboration would be to build an electric version of the RAV4 EV. In June 2010, it was reported that Tesla sold a total of US$12.2 million zero emission vehicle credits to other automakers, including Honda, up to March 31, 2010.
On June 29, 2010 Tesla Motors launched its initial public offering on NASDAQ under the symbol TSLA. The IPO raised US$226 million for the company. It was the first American car maker to go public since the Ford Motor Company had its IPO in 1956.
Read more about this topic: Tesla Motors, History and Financing
Famous quotes containing the words initial, public and/or offering:
“Capital is a result of labor, and is used by labor to assist it in further production. Labor is the active and initial force, and labor is therefore the employer of capital.”
—Henry George (1839–1897)
“Nobody seriously questions the principle that it is the function of mass culture to maintain public morale, and certainly nobody in the mass audience objects to having his morale maintained.”
—Robert Warshow (1917–1955)
“In matter of commerce the fault of the Dutch
Is offering too little and asking too much.
The French are with equal advantage content,
So we clap on Dutch bottoms just twenty per cent.”
—George Canning (1770–1827)