Tilray Brands announced a $150 million convertible senior notes offering, which will be used to finance the repurchase of its outstanding convertible senior notes due in 2023 and 2024. This indicates that the company's existing debt will be refinanced with new notes that will be converted to equity at a future date, leading to dilution for existing shareholders. As a result, the stock price has plunged, and the short-term impact is negative.