The American aerospace giant Boeing has conducted one of the largest stock sales in the history of public companies, raising approximately $21 billion. The company sold 112.5 million common shares at $143 each, which is 7.7% lower than last Friday's market price.
This was reported by Bloomberg.
The decision was driven by a number of critical challenges facing the company:
The new CEO, Kelly Ortberg, hopes to use the raised funds to maintain the investment rating and to restore production after the strike concludes. The company anticipates that cash outflows will continue into the first half of next year, especially during the relaunch of the 737 Max production lines.
Background. Earlier, Mind reported that Boeing is preparing for a significant financial maneuver, planning to raise over $15 billion in capital through a combined sale of common and convertible preferred shares.