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Los Angeles Times
Los Angeles Times
Business
Samantha Masunaga

TrueCar proposes public offering to raise money

LOS ANGELES _ TrueCar Inc. is looking to raise funds with a proposed public offering of common stock.

The vehicle pricing and information website, headquartered outside Los Angeles, said Monday it expects to offer 1 million shares of common stock. The company said certain existing shareholders will likely offer 7.5 million shares in the offering.

TrueCar will not receive proceeds from sales of shareholder stock, the company said.

The company said it would use the money raised from the public offering for general corporate purposes, according to a January filing with the Securities and Exchange Commission.

The stock rose 3.9 percent Monday, closing at $15.85.

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