- Mobileye Global Inc. (MBLY, Financial) announces pricing of a secondary offering of 50 million shares.
- Intel's subsidiary plans to convert 50 million Class B shares to Class A shares.
- The offering is expected to close on July 11, 2025.
Mobileye Global Inc. (MBLY) has announced the pricing for its previously stated underwritten secondary public offering of 50 million shares of Class A common stock. The shares, being sold by Intel Overseas Funding Corporation, a wholly owned subsidiary of Intel Corporation, are priced at $16.50 each. This offering is scheduled to close on July 11, 2025, subject to customary closing conditions.
The offering includes a provision for the underwriters to purchase an additional 7.5 million shares within a 30-day period. Concurrently, Mobileye has agreed to repurchase 6,231,985 shares from the Selling Stockholder at the same price per share, pending the offering's closure. This repurchase has been approved by Mobileye's disinterested directors not affiliated with the Selling Stockholder.
In alignment with previously announced plans, Intel Overseas Funding Corporation intends to convert 50 million outstanding Class B shares to Class A shares, contingent upon the offering's completion. The Selling Stockholder has indicated an intention to hold these Class A shares, with the conversion aimed solely at increasing the number of issued shares.
Mobileye is not directly selling any shares in this offering and will not benefit financially from the sale proceeds. Leading the offering as joint lead book-running managers are Goldman Sachs & Co. LLC and BofA Securities, with a consortium of other financial institutions acting as additional managers.
Mobileye, recognized for its autonomous driving and driver-assistance technologies, continues to revolutionize the mobility industry with its innovative solutions and strategic decisions. Investors are advised to consult Mobileye's registration statement and prospectus for comprehensive details on this offering available on the SEC’s website.
