Simpson Thacher represented the underwriters, led by Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, in connection with Tesla, Inc.’s (“Tesla”) public offering of 3,047,500 shares of its common stock, including the underwriters’ option to purchase additional shares. The aggregate gross proceeds for the offering were approximately $2.3 billion. Simpson Thacher has now acted as counsel for the banks in 15 separate equity, debt and bank financing transactions undertaken by Tesla, including Tesla’s 2010 IPO, representing more than $15 billion in total proceeds.
Tesla intends to use the net proceeds from the offering to strengthen its balance sheet, as well as for general corporate purposes.
Tesla’s mission is to accelerate the world’s transition to sustainable energy. California-based Tesla designs, develops, manufactures, leases and sells high-performance fully electric vehicles, solar energy generation systems and energy storage products.
The Simpson Thacher team included Kevin Kennedy, Karen Reyes, Jesse Feng and Michaela Dion (Capital Markets); and Jennie Getsin (FINRA).