Planet Labs lifts after upsized $400 mln convertible debt sale

Planet Labs PBC

10/09/2025 11:58

** Shares of satellite imagery firm Planet Labs PL.N up 1.2% to $9.13 premarket after it raises more capital than planned

** San Francisco-based co late Tues announced pricing $400 mln 0.50%  5-yr convertible bond (CB) offering

** Initial conversion price of $11.95 is 32.5% premium to stock's last close

** PL shares on Tues fell 6.6% to $9.02 after co late Mon unveiled $300 mln offering for general purposes

** Its stock on Mon soared ~48% to $9.66 after co posted Q2 rev beat and said its backlog increased by 245% y/y

** Co intends to use ~$34 mln of net proceeds from the CB offering to pay cost of capped calls; cap price set at $18.04, double the stock's last sale on Tues

** Through Tues, stock up ~123% YTD

** Avg rating among 9 analysts covering PL is "buy" and median PT is $10, per LSEG

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

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