Faro Technologies tumbles on $60 mln convertible debt deal
20/01/2023 12:43
** Faro Technologies Inc's FARO.O shares down 18.4% at
$28.79 premarket as co seeks capital raise
** FARO on course for biggest one-day pct drop since last
Apr, if loss holds
** 3D imaging software designer late Thurs said it's
offering privately $60 mln 5-yr convertible bonds urn:newsml:reuters.com:*:nPn1jBYx4a
** Co to use net proceeds for working capital, other general
purposes
** FARO up 20% to start the year for ~$663 mln market cap,
per Refinitiv. Stock lost 58% in 2022
** Stock very thinly traded with 90-day avg volume of
roughly 100,000 shares
** Avg rating among 4 analysts covering FARO is "buy";
median PT $35.50 - Refinitiv
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))