| SAN FRANCISCO, Sept 3
SAN FRANCISCO, Sept 3 LinkedIn Corp
said on Thursday it will sell an additional $1 billion of its
Class A common stock as the Internet company moves to bolster
product development and perhaps make more acquisitions.
LinkedIn shares, which have more than doubled this year,
were down 2.3 percent at $240.49 in after hours trading on
Tuesday following its announcement about the secondary share
LinkedIn, which had roughly $900 million in cash and
short-term securities at the end of June, did not specify when
the secondary offering would take place.
The company said it planned to use the proceeds for general
corporate purposes, including further expansion of its product
development and international expansion.
"We may also use a portion of the net proceeds for the
acquisition of, or investment in, technologies, solutions or
businesses that complement our business, although we have no
present commitments or agreements to enter into any acquisitions
or investments," LinkedIn said.
The offering would sell roughly 4.2 million shares, giving
LinkedIn a total of roughly 116 million shares outstanding of
Class A and Class B stock, according to a prospectus the company
filed with the Securities and Exchange Commission on Tuesday.