Tesla plans to raise as much as $1.15 billion in stock and debt to aid in the launch of the Model 3, its first mass market car.
The EV company announced Wednesday it will offer $250 million in common stock and $750 million in convertible debt, with an option for its underwriters to buy up another 15% of the two offerings.
Elon Musk, Tesla’s CEO, will purchase $25 million of the stock.
Tesla’s stock rose 2% in after hours trading Wednesday following the announcement.
