Daktronics Announces Intention to Convert $25 Million Convertible Promissory Note into Common Stock
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Daktronics, Inc. announced its decision to convert $7 million of a $25 million convertible promissory note into approximately 1.1 million shares of common stock. This move is aimed at benefiting the company and its shareholders.
November 08, 2024 | 1:15 pm
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Daktronics is converting $7 million of a $25 million convertible note into 1.1 million shares of common stock. This decision is expected to impact the stock price as it increases the number of shares outstanding.
The conversion of the note into common stock increases the number of shares outstanding, which can dilute the value of existing shares. This is generally perceived negatively by the market, potentially leading to a short-term decrease in stock price.
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