(Reuters) – Billionaire investor Carl Icahn’s agency Icahn Enterprises has filed to promote as much as $400 million depository models by means of an “at-the-market” providing program, the corporate mentioned in a regulatory submitting on Monday, sending its shares down practically 3%.
It intends to make use of any internet proceeds from the providing to fund potential acquisitions and for firm functions.
Icahn and his firm final week settled fees with U.S. regulators that for years he did not disclose pledging the vast majority of the agency’s securities for billions in private margin loans. They collectively agreed to pay $2 million in penalties.
Icahn Enterprises remains to be at loggerheads with short-seller Hindenburg Analysis, which final yr accused Icahn of operating a “Ponzi-like” scheme to pay dividends by overvaluing its holdings and in addition raised questions on Icahn’s margin borrowing.
Jefferies is appearing as gross sales agent by dealing with the share sale program for Icahn Enterprises, in line with a separate assertion.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru)