70M Facebook Shares To Hit The Market, Including 41.35M From Mark Zuckerberg
Another 70 million Facebook shares will hit the market, as the social network announced an underwritten registered public offering of class-A common stock, with 27,004,761 coming from the company itself and another 42,995,239 from certain stockholders, including 41,350,000 from Co-Founder and CEO Mark Zuckerberg.
Another 70 million Facebook shares will hit the market, as the social network announced an underwritten registered public offering of class-A common stock, with 27,004,761 coming from the company itself and another 42,995,239 from certain stockholders, including 41,350,000 from Co-Founder and CEO Mark Zuckerberg.
The shares will be offered primarily to index funds with portfolios primarily based on stocks included in the S&P 500 index.
The joint bookrunners for the offering will be JPMorgan, Bank of America, Merrill Lynch, Morgan Stanley, and Barclays, and the co-managers will be BNP Paribas, Citigroup, RBC Capital Markets, Credit Suisse, HSBC, Standard Chartered, and Piper Jaffray.
The company said the proceeds from the sale of its 27,004,761 shares will go toward working capital and other general corporate purposes, adding that the majority of the proceeds received by Zuckerberg will be used to satisfy tax obligations that he will incur after exercising in full an outstanding stock option...
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