Impinj dips after unveiling $150 mln convertible bonds offering

Impinj

02/09/2025 21:41

** Shares of radio frequency identification chipmaker Impinj PI.O dip 1.8% in extended trading to $182.45 as it seeks capital raise

** Seattle, Washington-based PI announces private offering of $150 mln 4-yr convertible bonds (CBs)

** It plans to use net proceeds for the exchange of a portion of its outstanding 1.125% CBs due 2027

** PI also intends to use cash on hand to pay cost of capped calls, derivative transactions employed to offset dilution, and expects to use any remaining net offering proceeds for general purposes

** With ~29 mln shares outstanding, co has ~$5.4 bln market cap, per LSEG data

** PI shares finished regular session on Tues down 0.9% at $185.74. YTD, stock up 29%

    ** All 7 analysts covering PI are bullish and median PT is $176, up from $130 two months ago, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))