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: Domino's taking orders via tweet

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

Uber drivers fined in Hungary

17 hours ago

The Hungarian tax authority fined Uber drivers in its first probe against the ride-sharing service which the economy ministry said Saturday "ignores passenger safety" and must be made to follow regulations.

Domino's taking orders via tweet

May 22, 2015

Domino's on Wednesday launched perhaps the easiest way to satisfy a pizza craving this side of mind reading: order by tweet.

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.