Indie Semiconductor tumbles after convertible debt offering unveiled

indie Semiconductor

02/12/2024 21:46

** Indie Semiconductor Inc's  INDI.O  shares down 18% at $4.33
post-market after announcing convertible securities offering
    ** Aliso Viejo, Calif.,-based co, which focuses on sensors
for Advanced Driver Assistance Systems (ADAS), offering
privately $175 mln 5-yr convertible bonds
    ** Co says plans to use net proceeds to pay for capped
calls, rest for working capital and general purposes, and
potential acquisitions, though no agreements for acquisitions
exist at this time
    ** INDI shares on Mon finished up 1% at $5.28, giving co
~$1.07 bln market value
    ** Stock has gained 51% over the past month. Still, shares
are down 35% YTD vs the Nasdaq's  .IXIC  29% advance

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@tr.com 1-646-279-6380))