• Home
  • News
  • Fortune 500
  • Tech
  • Finance
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Tech

Here’s When Tesla and SolarCity Shareholders Plan to Vote on the Merger

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
October 12, 2016, 10:54 AM ET

Tesla Motors said on Wednesday it will provide strategic and product plans for a combined company of the electric automaker and SolarCity ahead of a Nov. 17 merger vote by shareholders of both companies.

“Over the next few weeks, Tesla will share important updates regarding our strategic plan for the combined company” including an Oct. 28 unveiling of a solar roof product, Tesla said in a company blog post on Wednesday.

The companies said in a filing with the Securities and Exchange Commission, also on Wednesday, that each SolarCity share will receive 0.11 Tesla shares upon completion of the proposed merger, unchanged from previous SEC filings.

On June 21, when Tesla’s plans to purchase SolarCity were announced, the notional value of a SolarCity share, based on 0.11 Tesla shares, was $24.16.

Tesla (TSLA) shares fell nearly $23 the following day, but have since recovered and at midday on Wednesday were at $201.70 per share.

The value of a SolarCity share would be $22.18 based on Tesla’s share price at midday on Wednesday.

Tesla expects to issue about 11,080,333 shares of the company’s common stock to SolarCity shareholders if the merger is approved, representing a stake of about 6.9% in Tesla.

The new SEC filling also shows that the Tesla board determined that shareholders as of Sept. 23 would be eligible to vote on the merger proposals.

The same filing says the Tesla shareholder meeting will be held on company property in Fremont, California and the SolarCity meeting at a hotel in Foster City, California.

Get Data Sheet, Fortune’s technology newsletter

On Sunday, Tesla Chief Executive Elon Musk said the company would not need to raise capital in the fourth quarter and likely not in the first quarter of 2017 to fund the launch of its Model 3 electric car and other products.

In a subsequent SEC filing by Tesla, the company said the amount and timing of funds that Tesla may raise was undetermined.

Musk controls 21.7% of SolarCity stock (SCTY), Wednesday’s filing shows.

Tesla reports third quarter financial results on Oct. 26.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.