Tesla to provide plans for combined company prior SolarCity merger vote

Tesla Motors

Tesla Motors Inc stated on Wednesday it will supply tactical and product plans for a combined company of the electric car manufacturer and SolarCity Corp prior to a November 17 merger vote by investors of both companies.

“Over the next couple of weeks, Tesla will share important updates regarding our strategic plan for the combined company” including an October 28 unveiling of a solar roof item, Tesla informed in a company blog on Wednesday.

The companies stated in a filing with the Securities and Exchange Commission, likewise on Wednesday, that each SolarCity share will receive 0.11 Tesla shares upon completion of the merger, the same from previous SEC filings.

On June 21, when Tesla’s strategies to acquire SolarCity were revealed, the notional value of a SolarCity share, based upon 0.11 Tesla shares, was $24.16.

Tesla shares fell almost $23 the following day, however have recovered at midday on Wednesday were at $201.70 per share.

The worth of a SolarCity share would be $22.18 based on Tesla’s share cost at midday on Wednesday.

Tesla anticipates to issue about 11,080,333 shares of the company’s common stock to SolarCity investors if the merger is authorized, representing a stake of about 6.9 percent in Tesla.

The new SEC filling likewise shows that the Tesla board identified that shareholders since September 23 would be qualified to vote on the merger proposals.

The same filing states the Tesla shareholder conference will be held on company property located in Fremont, California and the SolarCity meeting at a hotel in Foster City, California.

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