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NEW YORK (

TheStreet

) --

Pandora Media

(P)

shares dropped 3.9% to $23.06 after the music-streaming company filed a secondary share offering.

In the

proposed filing,

Oakland-based Pandora said it will sell 10 million additional shares, and another 4 million shares from current stockholders.

To appease the bankers on the deal, Pandora said in a filing that it "intends to grant the underwriters a 30-day option to purchase up to an additional 2,100,000 shares to cover over-allotments, if any."

Pandora said it expects to use the proceeds "for general corporate purposes, including working capital and capital expenditures." Also included in the offering, Pandora said it may use the proceeds for acquisitions.

The lead bookrunners on the offering will be

J.P. Morgan

and

Morgan Stanley

.

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--

Written by Chris Ciaccia in New York

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