Navistar Raises Over $14 Million in Stock Sale
Navistar International Corp. said Monday (Nov. 5) it sold 763,534 shares to underwriters of a previous stock offering, raising more than $14 million for Navistar’s general fund.
The Chicago Tribune reported that the sale, at $18.75 per share, increases to 80 million its common shares outstanding.
Last month, the Lisle, Ill.-based truck-maker sold 10.7 million common shares at $18.75 per share, raising $192 million after discounts and expenses.
Analysts have raised concern’s about the company’s cash for months. Navistar spent more than $700 million developing an engine that does not meet 2010 federal emission standards.
Navistar changed course after reporting a second-quarter loss of $172 million. Last month, it completed a deal to sell diesel engines from competitor Cummins Inc. in its heavy duty trucks. It will also use Cummins’ technology to make engines that meet federal requirements.