Mobileye Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares

Mobileye Global Inc. today announced, in connection with its previously announced initial public offering of 41 million shares of its Class A common stock, the full exercise by the underwriters of their option to purchase 6,150,000 additional shares of Class A common stock at the public offering price of $21.00 per share less underwriting discounts and commissions. The issuance and sale of these additional shares closed today.

The Jerusalem-based company makes advanced driver-assistance systems and autonomous driving technology chips. It announced its intention to go public last year, and filed for its IPO in March. It is a part of Intel Corp.

More on the public offering

As previously announced, in addition to the shares of Class A common stock sold in the public offering, General Atlantic purchased 4,761,905 shares of Class A common stock in a private placement at a price per share equal to the initial public offering price, for gross proceeds of $100 million. The sale of these shares will not be registered under the Securities Act of 1933, as amended.

The net proceeds to Mobileye, after deducting underwriting discounts and commissions and estimated offering expenses payable by Mobileye from the initial public offering, including the exercise of the underwriters’ option to purchase additional shares, and the previously announced private placement is approximately $1 billon.

A significant portion of the net proceeds is being used for repayment on a note owed to Mobileye’s parent company, Intel and Mobileye intend to use the remaining net proceeds for working capital and general corporate purposes.

Goldman Sachs & Co. LLC and Morgan Stanley acted as joint lead book-running managers for the offering.

A registration statement relating to the shares being sold in this offering was filed with the Securities and Exchange Commission and became effective on Oct. 25, 2022. The offering was made only by means of a prospectus, copies of which may be obtained from the SEC, Goldman Sachs and Morgan Stanley.