Menu
$199.99 HP Stream 11 Laptop is On Sale

$199.99 HP Stream 11 Laptop is On Sale

Cara Delevingne Recorded Song with Pharrell

Cara Delevingne Recorded Song with Pharrell

Black Friday 2014 iPad Deals will be Amazing

Black Friday 2014 iPad Deals will be Amazing

Taylor Swift Releases New Song from 1989 Album Midnight

Taylor Swift Releases New Song from 1989 Album at Midnight

Maria Menounos Not Injured After Her Car Window Is Smashed In

Maria Menounos Save After Her Car Window Is Smashed In

Facebook, Zuckerberg Follow-On Offering Priced At $55.05

Dec 20 2013, 4:51pm CST | by , in News

Facebook, Zuckerberg Follow-On Offering Priced At $55.05
Photo Credit: Forbes
 
 

Yesterday, Facebook shared that an additional 70 million units of its stock would be made available for public trade. Today, the social network revealed the price of that offering.

The shares will be offered at $55.05, incredibly close Friday’s $55.12 closing price. The offering is expected to be completed on December 26 barring complication. In a statement the company noted that due to the its recent induction into the S&P 500 — effective Friday — the  shares will primarily be offered to index funds that track the index.


J.P. Morgan, BofA Merrill Lynch, Morgan Stanley and Barclays will serve as co-bookrunners for the offering and BNP PARIBAS, Citigroup, RBC Capital Markets, Credit Suisse, HSBC, RBS, Standard Chartered, Piper Jaffray and Allen & Company are serving as co-managers.

The company itself is offering a little over 27 million shares, certain stakeholders are selling about 43 million shares and founder Mark Zuckerberg is selling about 41.4 million shares. As Maggie McGrath reported yesterday, Facebook did not provide specific details about how it would use proceeds from the sale, saying only. In the SEC filing disclosing the sale the company only shared,

Our principal purpose for selling shares in this offering is to obtain additional capital. We intend to use the net proceeds to us from this offering for working capital and other general corporate purposes; however, we do not currently have any specific uses of the net proceeds planned. Additionally, we may use a portion of the proceeds to us for acquisitions of complementary businesses, technologies, or other assets.”

Zuckerberg’s $2.3 billion take away will be used to pay taxes he incurred by exercising a stock option to purchase 60 million shares of Facebook Class B common stock.

The Evolution Of Facebook


Follow @samsharf/>

Source: Forbes

Shopping Deals

<a href="/latest_stories/all/all/31" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

 

Comments

blog comments powered by Disqus