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Cars and Drivers

Ford Motor Unloading More Shares To Raise Cash (F)

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By Douglas A. McIntyre Updated Published
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Money Stack ImageFord Motor Company (NYSE: F) has announced that it will raise capital via a registered public offering of some 300 million shares of common stock.  At the closing price of Ford today, this would bring in roughly $1 billion.

The use of fund is earmarked for general corporate purposes, “including to fund with cash, instead of stock, a portion of the payments the company is required to make to the Voluntary Employee Beneficiary Association (VEBA) retiree health care trust with the United Auto Workers.”

Citi, Goldman Sachs, J.P. Morgan, and Morgan Stanley are listed as the joint book-running managers of the offering.  Ford will grant the underwriters a 30-day option to purchase up to 45 million shares of common stock.

Ford shares closed down 2.5% at $6.08 today, and the stock is down almost 5% at $5.78 in the after-hours reaction.  Ford’s 52-week trading range is $1.01 to $8.37.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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