Mobileye Global (NASDAQ:MBLY) has commenced an underwritten secondary public offering of 45M shares of its Class A common stock by Intel Overseas Funding Corporation, a wholly owned subsidiary of Intel (NASDAQ:INTC).
Intel intends to grant the underwriters a 30-day option to purchase up to an additional 6.75M shares of Mobileye’s Class A common stock.
In addition, Mobileye has agreed to purchase from the selling stockholder $100M of Mobileye’s Class A common stock at a price per share equal to the per share purchase price to be paid by the underwriters in the offering.
In addition, Intel has informed Mobileye of its plan to voluntarily convert an additional 50M shares of Mobileye’s outstanding Class B common stock that it holds into 50M shares of Class A common stock, contingent on the closing of the offering.
Mobileye is not selling any shares of Class A common stock in the offering and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.
