Shares of Quantumscape Corp. (QS) experienced a decline of 14% in the after-hours session on Wednesday. The battery maker, known for its pursuit of solid-state lithium batteries, announced its intention to offer $300 million worth of shares for “working capital and general corporate purposes.”

The company stated that underwriters would have a 30-day option to purchase an additional $45 million of shares. Quantumscape named Evercore ISI and Morgan Stanley as the joint bookrunners for this offering.

Prior to the after-hours decline, QuantumScape’s shares had already fallen by 12% during regular trading hours.

This move by QuantumScape to raise funds through a share offering is aimed at supporting the company’s ongoing operations and overall corporate needs.

Please note that this rewrite did not contain any available information regarding the reasons behind the decline in share price, exact timing of the offering, or additional details about QuantumScape’s business operations.

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