Tesla closed its $2.7 billion offering of stock and convertible notes. The company says it was over-subscribed, giving the electric carmaker much needed cash for production. Tesla sold about $860 million in shares and $1.84 billion in debt, after the underwriters exercised their option to buy 15 percent in each offering.
Shares of the company were down 0.8 percent at $245.20 in trading before the bell.
Tesla last week reported a larger-than-expected Q1 loss as well as lower sales. It also showed dwindling cash reserves, ending the quarter with $2.2 billion, $1.5 billion less than in the end of 2018, thanks in part to a $920 million convertible-bond payment in March.