Boeing (BA.US) rises nearly 3% as it raises $21bn through share sale
Tuesday, Oct 29, 2024 11:20 am ET
1min read Boeing (BA.US) shares jumped sharply on Tuesday, up nearly 3% at the time of writing to $155.11. The company raised about $21bn through a massive stock offering, one of the largest ever by a listed company, as it replenishes its balance sheet amid cash burn. The aircraft maker sold 112.5mn shares of common stock at $143 each, according to a statement, a discount of about 7.7 per cent from Friday's closing price of $155.01.
The infusion of cash addresses one of the most pressing tasks for new chief executive Kelly Ortberg. The company's balance sheet has been strained by years of safety accidents and strikes.
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