The announcement of a private offering can have varying effects on a company's stock price. It could be seen as a positive sign of growth and expansion, potentially driving the price up. However, it could also be viewed as a sign of financial distress, which could drive the price down. The company's intention to use the proceeds to repurchase 2023 Convertible Notes and enter into capped call transactions adds another layer of complexity to the potential impact on the stock price.