- Mobileye Global Inc. (MBLY, Financial) announces a secondary public offering of 45 million Class A shares by Intel Overseas Funding Corporation.
- Mobileye will repurchase $100 million worth of its Class A shares from Intel Overseas Funding, subject to the offering's closure.
- A voluntary conversion of 50 million Class B shares into Class A shares is planned, contingent on the offering's completion.
Mobileye Global Inc. (MBLY), a leading provider of autonomous driving and driver-assistance technologies, has announced the initiation of an underwritten secondary public offering. The offering consists of 45 million shares of its Class A common stock sold by Intel Overseas Funding Corporation, a subsidiary of Intel Corporation.
The selling stockholder will allow the underwriters a 30-day option to purchase an additional 6.75 million shares. Concurrently, Mobileye has consented to repurchase $100 million of its Class A stock from the selling stockholder at the offering price. This repurchase has been sanctioned by the disinterested directors of Mobileye not affiliated with the selling stockholder and will proceed in tandem with the public offering.
Additionally, Intel Overseas Funding has indicated plans to convert 50 million shares of Mobileye's Class B common stock into Class A shares, contingent upon the closure of the offering. This move aims to increase the publicly issued and outstanding Class A stock while retaining these shares at present.
The offering and the planned conversions are independent, with the conversions being conditional on the closing of the offering. Mobileye will not issue any new shares or receive any proceeds from this transaction.
Goldman Sachs & Co. LLC and BofA Securities, Inc. are serving as lead book-running managers for this offering. Interested parties should consult the preliminary prospectus and related documents filed with the SEC for full details, available on the SEC's official website.
