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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Array Technologies Inc | NASDAQ:ARRY | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.69 | 5.78% | 12.63 | 12.62 | 12.63 | 13.03 | 11.91 | 11.91 | 2,773,838 | 19:35:18 |
By Robb M. Stewart
Array Technologies Inc.'s shares were under pressure Tuesday after the solar-tracker technology company proposed a $325 million convertible bond offering to help fund the planned acquisition of Soluciones Tecnicas Integrales Norland S.L.
In morning trading, the stock was 11% lower at $20.33, for a drop of more than 50% since the end of last year.
Array late Monday said it planned to offer convertible senior notes due 2028 in a private placement and to grant the initial purchasers of the notes an option to buy in a 13-day period up to an additional $48.75 million of notes.
If the initial investors take up the option, the company said it would enter into additional capped call transactions with the option counterparties. If its deal with STI falls through, Array said it will use the proceeds from the offering to pay the cost of capped call transactions and for general corporate purposes.
With the expected pricing of the notes, Array said it expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and other financial institutions, which it anticipates will reduce potential dilution to its stock with the conversion of any notes and/or offset any cash payments the company is required to make in excess of the principal amount of converted notes.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
November 30, 2021 11:15 ET (16:15 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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