Pandora Media to issue new stock; shares fall

Sep 16, 2013 by Tzk

Internet radio giant Pandora is issuing up to 12.1 million new shares to the public while its largest stockholder will sell another 4 million shares.

The new share offering could increase the existing share count of 176.4 million shares by about 7 percent.

Pandora Media Inc.'s fell 74 cents, or 3.1 percent, to $23.25 in after-hours trading following the news.

Pandora estimates it will net up to $279.4 million and will use the proceeds from the new share sale for general corporate purposes, working capital and expenditures. It won't receive any proceeds from the sale of shares from the existing shareholder, Crosslink Capital.

Pandora's cash and short-term investments fell to $68.9 million at the end of July, down from $89.0 million at the end of January.

Explore further: Apple's fiscal 3Q earnings top analyst forecasts

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Pandora raises IPO offering price range

Jun 10, 2011

(AP) -- The popular Internet radio service Pandora raised the price range of its initial public offering on Friday by at least a third to between $10 and $12

Pandora posts in-line 1Q loss, upbeat sales

May 23, 2013

(AP)—Internet radio company Pandora reported higher-than-expected revenue in the latest quarter, with losses in line with analysts' forecasts, as the number of subscribers who pay for ad-free listening rose above 2.5 million.

Pandora loss shrinks as revenue rises

Aug 29, 2012

Internet radio firm Pandora on Wednesday reported that its revenue climbed in the recently-ended quarter but that it still lost money due in large part to royalties paid out for songs.

Recommended for you

Microsoft CEO sees 'bold' plan as 4Q tops Street

10 hours ago

(AP)—Microsoft Corp. CEO Satya Nadella painted an upbeat vision of the future Tuesday, saying that the next version of Windows will be unified across screens of all sizes and that two money-losing units—Nokia ...

Apple's fiscal 3Q earnings top analyst forecasts

21 hours ago

Apple's growth prospects are looking brighter as anticipation builds for the upcoming release of the next iPhone, a model that is expected to cater to consumers yearning for a bigger screen.

Verizon 2Q profit rises 93 percent

Jul 22, 2014

Verizon reported Tuesday that its second-quarter earnings nearly doubled after it secured full ownership of Verizon Wireless.

User comments : 0