SolarCity (SCTY) Files 2.8M Common Secondary; Elon Musk Plans Purchase

SolarCity (Nasdaq: SCTY) filed a registration with the U.S. SEC to sell, from time to time, up to 2.8 million shares of its common stock, which will be loaned to Goldman Sachs Financial Markets, L.P., an affiliate of Goldman, Sachs & Co.

SolarCity will not receive any proceeds from the sale of the borrowed shares in this offering, but will receive a nominal loan fee from the share borrower for the use of the borrowed shares.

Elon Musk, SolarCity's chairman, and Lyndon R. Rive, SolarCity's chief executive officer, have informed the Company on an unsolicited basis that they would like to purchase up to an aggregate of 560,000 shares of common stock in this offering, subject to compliance with and satisfaction of applicable corporate and regulatory approvals.

Elon Musk is also the CEO at Tesla Motors (Nasdaq: TSLA).

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