Pandora Prices 18.2M Share Offering at $25.00/Share
Pandora (NYSE: P), the leading internet radio service, announced Wednesday
the pricing of an underwritten public offering of 18,200,000 shares of
its common stock at a price to the public of $25.00 per share. A total
of 13,000,000 shares are being offered by Pandora, and a total of
5,200,000 shares are being offered by the selling stockholder. In
addition, Pandora has granted the underwriters a 30-day option to
purchase up to an additional 2,730,000 shares to cover over-allotments,
if any. The offering is expected to close on September 24, 2013.
Pandora intends to use the net proceeds of this offering for general
corporate purposes, including working capital and capital expenditures.
In addition, Pandora may use a portion of the net proceeds