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: Hackerspaces used to turn ideas turn into reality

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

Hackerspaces used to turn ideas turn into reality

9 hours ago

At HeatSync Labs, the tables are littered with computer chips, pens, pads and tools while the room is abuzz with the chatter of would-be inventors hoping to change the world—or just make cool things. They are part of a ...

China Telecom profit rises as mobile data grows

9 hours ago

China Telecom Ltd., one of the country's three main state-owned carriers, said Wednesday its profit rose 11.8 percent in the first half of the year as its Internet and mobile data businesses grew.

Snapchat valued at $10 bln

10 hours ago

US media on Tuesday reported that Snapchat was valued at $10 billion based on funding pumped into the startup by a powerhouse Silicon Valley venture capital firm.

User comments : 0