Exail shares slump as bond issue induces short-term pressure

ICG

13/01/2026 10:18

** Shares of Exail Technologies EXA.PA fall close to 7% after it launched a 200 million euro ($233.22 million) issue of convertible bonds

** TP ICAP MidCap analyst Julien Thomas flags a dilution overhang coming from the French underwater drone maker's deal

** The deal could trigger additional net short positions linked to hedging, weighing on the shares near-term, Thomas adds

** The deal was done "taking advantage of the high price of the bonds issued in September," and "should not be read" as a signal on its talks with British credit investor ICG ICGIN.L, the analyst says

($1 = 0.8576 euros)