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: Mexico City proposes regulations for Uber

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

Amazon pushes Prime service with day of deals

10 hours ago

Amazon is trying to lure more subscribers to its $99 Prime loyalty program by pushing a day of discounts it calls "Prime Day" during the sleepier summer shopping season.

Mexico City proposes regulations for Uber

Jul 04, 2015

Mexico City is proposing regulations that would allow Uber and other smartphone-based ride-sharing apps to operate, while requiring drivers and cars to be registered, the city's Office of Legal and Legislative Studies said ...

Shyp reclassifies contract couriers as employees

Jul 03, 2015

Shyp, the quickly growing startup that provides on-demand courier services, said Wednesday it would reclassify its contract workers as employees, becoming the latest high-profile tech company to change how it compensates ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.