Upstart shares are trading lower after the company announced a $300 million convertible senior notes due in 2029 in a private offering.
Portfolio Pulse from Benzinga Newsdesk
Upstart shares declined following the announcement of a $300 million convertible senior notes offering due in 2029.
September 16, 2024 | 1:19 pm
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Upstart's stock price dropped after the company announced a $300 million convertible senior notes offering due in 2029. This move may be seen as a way to raise capital, but it can also dilute existing shareholders' value.
The issuance of convertible senior notes can lead to stock dilution, which often results in a negative short-term impact on the stock price. Investors may be concerned about the potential dilution of their shares, leading to a sell-off.
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