TrueCar proposes public offering to raise money
TrueCar Inc. is looking to raise funds with a proposed public offering of common stock.
The Santa Monica-based vehicle pricing and information website said Monday it expects to offer 1 million shares of common stock, and that certain existing shareholders will likely offer 7.5 million shares in the offering.
TrueCar will not receive proceeds from sales of shareholder stock, the company said.
The company said it would use the money raised from the public offering for general corporate purposes, according to a January filing with the Securities and Exchange Commission.
The stock was trading at $15.76 on Monday morning, up about 3% from Friday’s closing price.
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