Tesla Announces $5B Stock Offering Following 5-For-1 Split

Tesla Inc TSLA announced a $5-billion at-the-market offering in an SEC filing Tuesday, one day after the electric vehicle manufacturer's 5-for-1 stock split took effect. 

The equity distribution agreement for aggregate sales proceeds of up to $5 billion is with banks including Goldman Sachs, BofA Securities, Barclays, Citigroup, Deutsche Bank, Morgan Stanley and Credit Suisse. 

Those sales agents will receive a commission of up to 0.5% of the aggregate gross proceeds from share sales, the filing said. 

On Monday, Tesla shares adjusted to reflect a 5-for-1 stock split from Friday's closing price of $2,238.75 to $442.68 ahead of the opening bell.

Tesla shares were trading 2.55% higher at $511.04 at the time of publication in the premarket session. 

Tesla is a vertically integrated sustainable energy company that also aims to transition the world to electric mobility by making electric vehicles. It sells solar panels and solar roofs for energy generation plus batteries for stationary storage for residential and commercial properties including utilities. It also makes solar roofs and plans to enter the HVAC market.

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Photo courtesy of Tesla.