Summary
Corning Incorporated (GLW) announced on September 11, 2026, that it has entered into an Equity Distribution Agreement with Goldman Sachs & Co. LLC to establish an "at the market" equity offering program. This agreement allows Corning to sell up to $2 billion of its common stock over time through Goldman Sachs acting as a sales agent. The primary purpose of this offering is to raise capital for general corporate purposes. The timing and volume of stock sales will be determined by Corning based on market conditions, stock price, and its capital needs. This strategic move provides Corning with flexibility to access the capital markets efficiently as required, while Goldman Sachs will earn a 1.0% commission on gross proceeds from sales.
Key Highlights
- 1Corning has established an at-the-market equity offering program with Goldman Sachs.
- 2The company can sell up to $2 billion of its common stock.
- 3Proceeds will be used for general corporate purposes.
- 4Sales will be conducted from time to time based on market conditions and Corning's capital needs.
- 5Goldman Sachs will act as the sales agent and will receive a 1.0% commission on gross proceeds.
- 6The offering is being made under a previously filed shelf registration statement.
- 7The agreement allows for sales through various market venues and methods, including direct sales to the principal.
Frequently Asked Questions
The primary purpose is to provide Corning with flexibility to raise up to $2 billion in capital for general corporate purposes through the sale of its common stock over time, as needed, and based on market conditions.
Shares will be sold from time to time through Goldman Sachs acting as a sales agent, primarily via ordinary brokers' transactions or other methods permitted by law, including on national exchanges or over-the-counter.
Corning will pay Goldman Sachs a commission equal to 1.0% of the gross proceeds from any common stock sold through the agreement.
No, the agreement allows Corning to sell up to an aggregate offering price of $2 billion. The actual amount sold will depend on Corning's determination of its capital needs, market conditions, and the trading price of its common stock.