Mobileye Global (MBLY) Dives as Intel Unloads $900-Million Stake

Mobileye Global Inc. (NASDAQ:MBLY) is one of the 10 Stocks That Investors Are Dumping.

Mobileye Global dropped its share prices by 7.08 percent on Wednesday to end at $17.32 apiece as investor sentiment was dampened by Intel Corp.’s unloading of shares worth $900 million in the company.

In a statement, Mobileye Global Inc. (NASDAQ:MBLY) said that Intel Corp.’s subsidiary, Intel Overseas Funding Corporation, plans to sell 50 million MBLY Class A common shares at a price of $16.5 apiece for a total of $825 million.

It also granted its underwriters an option to purchase an additional 7.5 million shares for a total of $123.75 million.

If fully subscribed, the transaction would be worth a total of $948.75 million.

Meanwhile, Mobileye Global Inc. (NASDAQ:MBLY) said that it would buy back more than 6.2 million shares upon the conclusion of the share sale at a price per share equal to the per share purchase price to be paid by the underwriters in the offering.

Additionally, Intel expressed its intention to convert 50 million of its MBLY Common B shares to Common A shares, which it would hold at this time.

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Disclosure: None. This article is originally published at Insider Monkey.