QuantumScape Corp (NYSE:QS) shares are trading lower Thursday after the company proposed a $300 million public offering.
What Happened: QuantumScape said it intends to offer $300 million of shares of its common stock in a public offering. The lithium battery company intends to grant the underwriters an option to purchase up to an additional $45 million worth of stock.
QuantumScape said it intends to use the proceeds for working capital and general corporate purposes.
QuantumScape reported second-quarter financial results last week. As of June 30, the company said it had $232.84 million in cash and equivalents.
Capital expenditures in the second quarter totaled $25 million. Operating expenses were $124 million. The company maintained its full-year outlook for capital expenditures of $100 million to $150 million and cash operating expenses of $225 million to $275 million.
QuantumScape aims to transform energy storage with solid-state lithium-metal battery technology.
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QS Price Action: QuantumScape shares were down 13.1% at $9.66 at the time of publication, according to Benzinga Pro.
Photo: Dean Simone from Pixabay.
