Simpson Thacher Represents Underwriters in $2.3 Billion Offering of Tesla Motors, Inc. Common Stock
05.26.16
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Simpson Thacher recently represented the underwriters, led by Morgan Stanley and Goldman, Sachs & Co., in connection with a registered public offering of shares of common stock of Tesla Motors, Inc. (“Tesla”) consisting of 7,915,004 shares sold by Tesla and 2,782,670 shares sold by Elon Musk, Tesla’s Chief Executive Officer. This offering is the largest marketed technology follow-on offering since 2009. Tesla intends to use its proceeds from the offering to accelerate the production ramp of its recently announced Model 3 sedan, for working capital and other general corporate purposes. Mr. Musk used all of his proceeds to satisfy his tax obligations arising from his exercise of a stock option expiring at the end of 2016.
Tesla’s goal is to accelerate the world’s transition to electric mobility with a full range of increasingly affordable electric cars. California-based Tesla designs, develops, manufactures and sells high-performance fully electric vehicles and energy storage products.
The Simpson Thacher team for the transaction included Kevin Kennedy, Dan Webb, Kim de Glossop and Duncan Taylor (Capital Markets); Judy Yan (Tax); Tristan Brown (ECEB); and Andrew Pagliughi (FINRA and Blue Sky). Summer Associate Jay Higdon also provided valuable assistance.