Why Cardlytics (CDLX) Stock Is Down 30%
Portfolio Pulse from Henry Khederian
Cardlytics Inc (NASDAQ:CDLX) shares plummeted 34.6% to $13.24 after announcing a $150 million convertible senior notes offering. The notes, due in 2029, aim to fund the repurchase of existing notes and for general corporate purposes. The offering and potential unwind transactions could impact the market price of Cardlytics' common stock.
March 26, 2024 | 6:42 pm
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Cardlytics Inc's stock plummeted following the announcement of a $150 million convertible senior notes offering, aimed at repurchasing existing notes and for general corporate purposes.
The significant drop in Cardlytics' stock price is directly attributed to the announcement of the convertible senior notes offering. The potential repurchase of existing notes and the possibility of unwind transactions could further impact the stock's market price, indicating a negative short-term outlook.
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