Mobileye slips as Intel to slice stake

Shares of autonomous driving tech firm Mobileye MBLY.O down 3.4% to $18 post-market after news of secondary offering, stock repurchase

Israeli-based firm commences offering of 45 mln Class A shares being offloaded by Intel Overseas Funding Corp, wholly owned subsidiary of chipmaker Intel INTC.O

In addition, MBLY to concurrently repurchase $100 mln of its shares from Intel

Also, Intel told MBLY it plans to voluntarily convert an additional 50 mln shares of Class B stock that it holds into 50 mln shares of Class A, contingent on the offering closing

Intel, which owns roughly 90% stake in MBLY, told co it intends to hold such Class A stock at this time and that the conversion is being effected solely to increase the number of Class A shares outstanding

MBLY has ~100.2 mln Class A stock outstanding and ~711.5 mln of Class B outstanding, per latest annual report

Goldman Sachs and BofA jt lead bookrunners for the secondary offering

MBLY shares on Tues closed up 1.2% at $18.64, trimming YTD loss to 6.5%

INTC shares, which finished up 7.2% at $23.50 on Tues, are down fractionally in extended trading