Impinj edges down after boosted $170 mln convertible bond sale

Impinj

04/09/2025 13:51

** Shares of radio frequency identification chipmaker Impinj PI.O down 0.3% at $193.98 on thin volume before the bell after above-target capital raise

** Seattle, Washington-based Impinj announces pricing offering of $170 mln 0% 4-yr convertible CBs

** Initial conversion price set at $267.39, 37.5% above stock's last close

** PI shares on Weds finished session up 4.7% to $194.47 after co late Tues unveiled $150 mln offering

** Co intends to use net offering proceeds and cash to exchange $190 mln principal of its outstanding 1.125% CBs due 2027, and $10 mln to pay cost of capped calls

** The cap price of capped call transactions is initially $340.32, which is a 75% premium to stock's last sale on Weds

** Through Weds, stock up ~34% YTD compared to 11% advance in the Nasdaq .IXIC

    ** All 7 analysts covering PI are bullish and median PT is $176, per LSEG data

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

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