Mobileye announces secondary offering as Intel subsidiary sells shares

Mobileye Global Inc. (NASDAQ: MBLY) announced Tuesday that Intel Overseas Funding Corporation will conduct an underwritten secondary public offering of 45 million shares of Mobileye's Class A common stock. The selling stockholder, a wholly owned subsidiary of Intel Corporation, has granted underwriters a 30-day option to purchase up to an additional 6.75 million shares.

Mobileye has agreed to purchase $100 million of its Class A common stock from the selling stockholder at the same price per share paid by underwriters in the offering. The concurrent repurchase was approved by disinterested directors not affiliated with the selling stockholder and is expected to close simultaneously with the offering.

Intel Overseas Funding Corporation also plans to convert an additional 50 million shares of Mobileye's outstanding Class B common stock into Class A common stock, contingent on the offering's closing. The selling stockholder indicated it intends to hold these converted shares and that the conversion is being made solely to increase the number of Class A shares outstanding.

Mobileye will not sell any shares in the offering and will not receive proceeds from the sale. Goldman Sachs & Co. LLC and BofA Securities, Inc. are serving as joint lead book-running managers for the offering.

The offering and concurrent repurchase are not conditioned on each other, though the repurchase requires the offering to close. Similarly, the conversion is conditioned on the offering's completion but not vice versa.

Intel has retained majority ownership of Mobileye since the autonomous driving technology company was listed independently in 2022. The information was disclosed in a press release statement from the company.

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