Pandora Media Inc. (NYSE: P) is supposed to be under a brand new chief executive officer, and we noted recently about waves and waves of insider selling. Now we are getting word that Pandora plans to increase its float with a secondary stock offering.

The online radio and music giant has now announced that it plans to commence an underwritten public offering of 10,000,000 shares of the company’s common stock under an effective registration statement. To make matters worse, an additional 4,000,000 shares of common stock will be sold by existing holders. Pandora even allocated up to an additional 2,100,000 shares to cover possible over-allotments for the offering if needed.

The use of proceeds is for general corporate purposes, which is said to include working capital and capital spending. The company also said that it reserves the right to use a portion of the net proceeds for potential acquisitions of businesses and products or technologies, while claiming that it has no current agreements or plans for such a deal.

Pandora’s offering group is rather large as you might expect. The bookrunners include J.P. Morgan and Morgan Stanley. Co-managers include Wells Fargo Securities, BofA Merrill Lynch, BMO Capital Markets, Canaccord Genuity, Needham & Company, Pacific Crest Securities, Piper Jaffray and William Blair.

We would point out that Pandora’s shares closed up at $23.99 on Monday against a 52-week range of $7.08 to $24.43. Its market cap is now $4.2 billion before the effects of any of this offering.

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