Intel Offers 35 Million Shares Worth $1.5 Billion of Mobileye Global

Based on a regulatory filing on Monday, Intel Corp is offering 35 million shares of Class A common stock, or approximately a $1.5 billion stake in Mobileye Global Inc.

Following the offering, Intel's voting stake in the self-driving technology company will fall from 99.3 percent to approximately 98.7 percent.

Mobileye shares fell more than 4% to $40.55 in extended trading.

The share sale comes at a time when the company is facing intense competition in the assisted driving market from chipmakers Nvidia Corp and Qualcomm Inc, both of which are attempting to make inroads.

Mobileye, which has customers such as BMW, Nissan, and Volkswagen, went public on the Nasdaq last year after raising $861 million in an initial public offering.

According to the company, Goldman Sachs & Co and Morgan Stanley are acting as joint book-running managers for the share sale.