Exail drops after dilutive convertible bond placement

Exail Technologies SA

24/09/2025 08:50

** Shares in Exail Technologies EXA.PA fall 3.1%, pares losses after falling 6%, after the French underwater drone maker placed convertible bonds for a nominal amount of 300 million euros ($353.76 million) through accelerated bookbuilding, two traders say

** "We believe that issuing such a bond is a missed opportunity for the Group to turn its refinancing into a positive catalyst", Midcap Partners says

** The broker says the bond implies a risk of dilution of over 16% and cuts Exail's rating to "hold" from "buy"

** Including today's fall, the stock has gained 428% YTD

** It is down almost 30% from an all-time high it reached on August 4, however

($1 = 0.8480 euros)

 (Reporting by Alessandro Parodi)

 ((Alessandro.Parodi@thomsonreuters.com;))