Nova's US-listed shares rise after convertible bond sale upsized to $650 mln

Nova

03/09/2025 11:58

** U.S.-listed shares of Israel's Nova NVMI.O up 1.2% premarket to $240 after above-target capital raise

    ** Provider of measuring systems for the semiconductor manufacturing industry early Weds announced pricing offering of $650 mln 0% 5-yr convertible bonds (CBs)

** Initial conversion price of $320.16 represents 35% premium to stock's last close

** NVMI shares on Tues finished down ~10% at $237.16 after co before the bell announced $500 mln offering

** Co intends to use net offering proceeds for general purposes, including potential M&A, business development, and development of new products and technologies

** NVMI also plans to use ~$44.9 mln of proceeds to pay costs of capped calls

** Through Tues close, shares gained ~20% YTD. They hit a record intraday high of $291.99 on Jul 7

    ** 6 of 7 analysts rate shares "strong buy" or "buy", 1 rates "hold" and median PT is $300, per LSEG data

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

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