Icahn Enterprises, led by famed investor Carl Icahn, has filed to sell up to $400 million worth of shares through an “at-the-market” offering, according to a recent regulatory filing. The company plans to use the proceeds to fund potential acquisitions and support other corporate initiatives.

The announcement comes as shares of Icahn Enterprises fell over 6% on Monday, extending the company’s losses in 2024 to more than 13%. Last year, the stock saw a significant decline, plunging 66%.

This filing follows a recent settlement between Icahn Enterprises and the U.S. Securities and Exchange Commission (SEC). Last week, Icahn and his firm agreed to pay $2 million in fines over the failure to disclose up to $5 billion in margin loans secured by Icahn’s stake in the company.