Tesla Inc. unveiled a US$5-billion capital raise on Tuesday, its second such move in three months as the electric-car maker cashes in on a meteoric rally in its shares this year.
The company’s shares, which touched a record high on Monday, reversed course to fall more than 2 per cent in premarket trading.
Tesla entered an equity distribution agreement with banks including Goldman Sachs and Citigroup Global Markets to sell its common stock, having aggregate sales proceeds of up to US$5-billion.
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