Indie Semiconductor falls on planned convertible debt offering

indie Semiconductor

16/11/2022 15:58

** Indie Semiconductor Inc's  INDI.O  shares down 15.3% at
$7.35 as co seeks capital raise
    ** Shares on course for biggest one-day pct fall since Dec
10, 2021
    ** Co, which focuses on sensors for Advanced Driver
Assistance Systems (ADAS), offering privately $125 mln 5-yr
convertible bonds (CBs)  urn:newsml:reuters.com:*:nBw9j0QD8a
    ** Board also authorized $50 mln stock repurchase
    ** Co plans to use portion of net offering proceeds for
concurrent repurchase of up to $25 mln of stock, remainder for
general corp purposes
    ** INDI has ~146 mln shares outstanding for ~$1.3 bln market
cap as of Tues close, per Refinitiv data
    ** Last Thurs, co reported Q3 rev rose 147% yr/yr to $30 mln
and net loss of ~$38 mln  urn:newsml:reuters.com:*:nBw854Z6La
    ** With decline on Weds, shares down ~39% YTD vs Nasdaq's
 .IXIC  ~29% drop
 (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))