QuantumScape dives as co prices downsized stock deal
25/03/2021 13:09
** QuantumScape Corporation QS.N shares down ~14%
premarket and set to fall for 3rd straight session after EV
battery maker raises less equity than planned
** QS sells 10.4 mln shares at $40, raises $416 mln
urn:newsml:reuters.com:*:nBw5KwcJBa
** Deal size reduced from 13 mln shares; prices at 16.4%
discount to stock's Weds close
** Shares dropped ~26% over past 2 sessions after co
launched offering to build larger pre-pilot line to make
solid-state batteries, and to cover equity contributions to JV
with Volkswagen VOWG_p.DE for manufacturing facility expansion
** Goldman Sachs, Morgan Stanley joint lead bookrunners,
joined by bookrunner Deutsche Bank
** Offering represents ~7% of co's free float, per Refinitiv
data
** QS shares closed at $37 on their Nov 27 public debut
after completing SPAC (special purpose acquisition company)
merger. But stock well off its Dec record intraday peak of
$132.73
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))