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Provider: Thomson Reuters Stock Report
Provider: Directors Deals Ltd.
Provider: Stock Traders Daily
Provider: Directors Deals Ltd.

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Pandora Media Inc Announces Exercise of Over-Allotment Option in Connection with Previously Priced Follow-On Offering

Friday, 20 Sep 2013 08:30am EDT 

Pandora Media Inc announced that the underwriters of its common stock offering exercised their over-allotment option in full to purchase an additional 2,730,000 shares of its common stock at a price to the public of $25.00 per share. As a result of the exercise of the option, a total of 15,730,000 shares are being offered by Pandora, and a total of 5,200,000 shares are being offered by the selling stockholder, for total gross offering proceeds of approximately $523 million. The offering is expected to close on September 24, 2013. Pandora intends to use the net proceeds from the sale of shares by it for general corporate purposes, including working capital and capital expenditures. In addition, Pandora may use a portion of the net proceeds for potential acquisitions of businesses, products or technologies, although Pandora has no current agreements or understandings with respect to any such transactions. Pandora will not receive any proceeds from the sale of shares by the selling stockholder. The bookrunning managers of the offering are J.P. Morgan and Morgan Stanley. Wells Fargo Securities, BofA Merrill Lynch, BMO Capital Markets, Canaccord Genuity, Pacific Crest Securities, Piper Jaffray and William Blair are acting as co-managers. 

Company Quote

0.055 +0.31%
19 Dec 2014