Stem Inc dips on additional convertible bonds offering

Stem

30/03/2023 12:11

** Shares of Stem Inc  STEM.N  fall 1.4% to $5.51 premarket
as the AI-driven energy storage firm raises more capital than
planned   
    ** Co announces pricing of upsized offering of $200 mln
green convertible bonds due 2030
    ** Says the current issuance was upsized from the previously
announced $175 million offering 
    ** Co intends to allocate funds equivalent to net offering
proceeds towards financing eligible green expenditures
    ** STEM is down 33.8% this year, as of last close

 (Reporting by Tejaswi Marthi in Bengaluru)
 ((tejaswi.marthi@thomsonreuters.com))