Boeing Co Raises $21 Billion in Share Sale

Investing.com– Boeing Co (NYSE:BA) announced it raised around $21 billion in an upsized share sale late Monday, aimed at strengthening its cash position amidst numerous headwinds, particularly due to a recent strike.

Boeing sold approximately 112.5 million common shares at a price of $143 per share, which is nearly 8% lower than its previous closing price of $155.01 on Friday. The stock closed at $150.69 on Monday.

Additionally, Boeing sold about $5 billion worth of depository shares.

The capital raise primarily aims to enhance Boeing’s cash position, as a long-standing strike involving around 33,000 workers has led to significant cash outflows since early September due to halted production.

Labor unions recently rejected the company's offer, demanding improved pay and benefits. Last week, Boeing reported a $6 billion loss for the third quarter, with speculation suggesting planned layoffs to reduce operating expenses.