Pandora Announces Proposed Follow-On Offering

(RTTNews) - Pandora Media, Inc. (P) said Monday that it plans to commence an underwritten public offering of 10 million shares of its common stock pursuant to an effective registration statement.

An additional 4 million shares will be offered by the selling stockholder. In addition, the company plans to grant the underwriters a 30-day option to purchase up to an additional 2.1 million shares to cover over-allotments, if any.

Pandora said it plans to use the net proceeds of the 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.