According to a regulatory filing made on Monday, chipmaker Intel Corp (INTC.O) plans to sell 35 million Class A common stock shares in Mobileye Global Inc (MBLY.O), representing approximately $1.5 billion ownership.
After the sale, Intel’s voting share in the autonomous vehicle technology firm will decrease to around 98.7 percent from the current 99.3 percent.
In after-hours trading, shares of Mobileye, based in Jerusalem, Israel, dropped by more than 4% to $40.55.
The selling of shares occurs as the company faces stiff competition in the assisted driving sector from established players such as Nvidia Corp (NVDA.O) and Qualcomm Inc (QCOM.O).
Mobileye, whose clientele includes BMW (BMWG.DE), Nissan (7201.T), and Volkswagen (VOWG_p.DE), raised $861 million in an IPO last year and went public on the Nasdaq.
The company also announced that Goldman Sachs & Co. and Morgan Stanley would serve as joint book-running managers for the share offering.