Cars and Drivers
Ford Motor Unloading More Shares To Raise Cash (F)
Published:
Last Updated:
Ford 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
In 20 Years, I Haven’t Seen A Cash Back Card This Good
After two decades of reviewing financial products I haven’t seen anything like this. Credit card companies are at war, handing out free rewards and benefits to win the best customers.
A good cash back card can be worth thousands of dollars a year in free money, not to mention other perks like travel, insurance, and access to fancy lounges.
Our top pick today pays up to 5% cash back, a $200 bonus on top, and $0 annual fee. Click here to apply before they stop offering rewards this generous.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.