Facebook said Friday that it has priced the 70 million shares that the company and its insiders are selling through a secondary offering at $55.05. Facebook, itself, is selling a little more than 27 million shares, which means it will earn close to $1.5 billion through the sale.
Facebook will use the proceeds for working capital and other corporate purposes, the company said in a press release.
The offering is expected to close on December 26. Facebook's stock finished Friday at $55.07 and is trading up slightly on the after-hours market.