Intel subsidiary to sell shares of Mobileye in secondary offering; Mobileye stock falls
Self-driving technology developer Mobileye Global Inc. (MBLY) on Monday said it was launching a secondary offering of 35 million of its shares, which are being sold by Intel Overseas Funding Corp., an Intel Corp. (INTC) subsidiary. Mobileye said it would not receive any proceeds from the sale. Intel plans to give the underwriters a 30-day option to buy up to an extra 5.25 million shares of Mobileye's common stock. Goldman Sachs and Morgan Stanley are working as joint lead book-running managers for the proposed offering. Shares of Mobileye fell 3.6% in after-hours trade on Monday.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
June 05, 2023 16:47 ET (20:47 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.