Well, didn’t think I was going to be updating my SolarCity post quite so soon. But, they just announced new funding to the tune of approximately $344 million.
They will be selling 3.4 million shares of common stock at $46.54 per share as well as $200 million in convertible senior notes. The stock offer price would have been right in line with the current value until the shares rocked up another 12% to close at $52.38 per share.
While SolarCity has been bleeding cash in the past few income statements, they still had current assets of over $309 million as of June 30th. Adding another $344 million will definitely help if they grow as they expect in 2014.