Intel To Offload Mobileye Stake Worth $1.5B, Retain 88% Post Sale

Intel Corp INTC subsidiary Intel Overseas Funding Corp prepared to offload 35 million shares of Mobileye Global Inc MBLY Monday.
The stock is worth $1.48 billion based on Mobileye's June 5 closing of $43.56.
The selling stockholder intends to grant the underwriters a 30-day option to purchase up to 5.25 million shares of Mobileye.
Mobileye is not selling shares in the offering and will not receive any proceeds from the sale.
Mobileye stock has gained close to 30% YTD.
Following the sale, Intel will retain about an 88% stake in Mobileye, which it bought in 2018 for $15.3 billion, Bloomberg reports.
In April, Mobileye reported first-quarter FY23 revenue growth of 16% year-on-year to $458 million, beating the consensus of $456.72 million. Non-GAAP EPS of $0.14 beat the consensus of $0.12.
Mobileye slashed the FY23 revenue forecast to $2.065 billion - $2.114 billion, down from the prior $2.192 billion - $2.282 billion (consensus $2.25 billion).
Price Action: MBLY shares are trading lower by 3.82% at $40.75 premarket on the last check Tuesday.