Tesla said on Tuesday it plans to raise up to $5 billion through a share sale program to be conducted by Wall Street’s main brokerages.
Tesla shares, which rose about 8% in early premarket trading, were up about 3% after the news.
The move comes a day after a 5-for-1 stock split took effect, Tesla‘s first since its initial public offering about a decade ago. Its stock rose nearly 13% Monday during the trading day.
The company’s high-flying stock has soared over 70% since its split was announced on Aug. 11, and was trading at over $2,000 on Friday on a split-adjusted basis. The stock was one of the costliest on Wall Street.