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Tesla Plans To Sell Up To $5 Bln Of Shares

Tesla Inc. (TSLA) disclosed in a regulatory filing that it plans to sell up to $5 billion worth of common shares. The move comes a day after a 5-for-1 stock split took effect.

The electric-car maker plans to use the net proceeds to further strengthen its balance sheet as well as for general corporate purposes.

The company said it will sell the shares "from time to time" through an agreement with several banks.

Goldman Sachs & Co. LLC, BofA Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, SG Americas Securities LLC, Wells Fargo Securities LLC and BNP Paribas Securities Corp. will act as sales agents for the offering.

The share sale comes as Tesla plans to expand production of its vehicles and build new factories in Germany and Austin, Texas. The company also plans to launch new "Cybertruck" pickup and a semi sometime next year.

In February, Tesla had said it planned to offer about $2 billion of common stock in an underwritten registered public offering.

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