Pandora boosts stock offering as shares hit highSeptember 19th, 2013 in Technology / Business
Pandora stock hit an all-time high Thursday in the wake of a court ruling that should help trim its songwriter royalty costs.
On the heels of the ruling, the company is also hoping to raise more money from investors in a stock sale. On Thursday it increased the number of shares it is offering to the public and raised the offer price to $25 from $23.99. That could net it as much as $379 million, $100 million more than a plan it unveiled three days ago.
The stock is up 5 percent at $26.98 in midday trading. It peaked earlier Thursday at $27.21 and has nearly tripled this year. Investors are happy with the Oakland, Calif., company's mobile advertising revenue growth and the appointment of its new CEO, Brian McAndrews.
© 2013 The Associated Press. All rights reserved.
"Pandora boosts stock offering as shares hit high." September 19th, 2013. http://phys.org/news/2013-09-pandora-boosts-stock-high.html