Corning Signs Goldman Sachs Equity Distribution Deal for Up to $2 Billion ATM Sale

Corning filed with the U.S. Securities and Exchange Commission on September 11 local time saying it has signed an equity distribution agreement with Goldman Sachs and plans to sell common shares from time to time through an at-the-market offering of up to $2 billion, with Goldman Sachs acting as sales agent. According to Jiemian News, Corning said the size and timing of the share sales will depend on market conditions, share liquidity, stock price and the company’s financing needs, and that the net proceeds will be used for general corporate purposes. Goldman Sachs will receive a commission equal to 1% of the total offering amount for shares sold under the agreement.