Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California.
Ezra Shaw | Getty Images
Peloton said Tuesday it plans to sell an additional $1 billion of its Class A common shares, as the connected fitness equipment maker looks for ways to come up with cash amid slowing momentum for its products.
Affiliates of Durable Capital Partners and TCV, and accounts advised by T. Rowe Price Associate have expressed an interest in purchasing shares, Peloton said.
The company expects to grant the offering’s underwriters a 30-day option to purchase up to another $150 million of shares at the public offering price, less discounts and commissions.
Peloton’s stock fell more than 7% in extended trading after the news, having fallen nearly 70% year to date. Shares had closed Monday down 3.5%.
Find the full press release from Peloton here.
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