Tesla To Offer $2 Bln Stock In Public Offering; Discloses Subpoena From SEC

(RTTNews) - Tesla, Inc. (TSLA) said it intends to offer approximately $2 billion of common stock in an underwritten registered public offering. The company plans to use the net proceeds to further strengthen its balance sheet, as well as for general corporate purposes.

Elon Musk, Tesla's CEO, will purchase up to $10 million of common stock under the offering. Larry Ellison, a member of Tesla's Board, will purchase up to $1 million of common stock.

Tesla, in a filing, stated that the SEC issued a subpoena in December seeking information from company concerning certain financial data and contracts including Tesla's regular financing arrangements. Separately, the DOJ also asked the company to provide the information.