Pandora has announced the pricing of an underwritten public offering of 18,200,000 shares of its common stock at a price to the public of $25 per share. A total of 13,000,000 shares are being offered by Pandora, and a total of 5,200,000 shares are being offered by the selling stockholder. In addition, Pandora has granted the underwriters a 30-day option to purchase up to an additional 2,730,000 shares to cover over-allotments, if any. The offering is expected to close on September 24, 2013.
Pandora intends to use the net proceeds of this offering for general corporate purposes, including working capital and capital expenditures. In addition, Pandora may use a portion of the net proceeds for potential acquisitions of businesses, products or technologies, although Pandora has no current agreements or understandings with respect to any such transactions. Pandora will not receive any proceeds from the sale of shares by the selling stockholder.