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MusclePharm issued a total of 1,500,000 shares of its Series D Convertible Preferred Stock in a registered direct offering at a price of $8.00 per share. Each share of Series D Convertible Preferred Stock is convertible into two shares of common stock, subject to adjustment.
This isn't the first time Musk has invested in a Tesla stock offering. Musk purchased about $100 million worth of shares when the company raised about $450 million through a common stock offering more than two years ago. Musk's large position in Tesla stock, and the CEOs decision to buy another $20 million worth of shares is good news for Tesla shareholders.