Stem sinks to record low on convertible debt deal

Stem

29/03/2023 15:03

** Stem Inc's  STEM.N  shares sink 25.2% to record low $4.67
early Weds as AI-driven energy storage firm looks to raise
capital
    ** Co offering privately $175 mln convertible bonds due 2030
    ** STEM plans to use net offering proceeds to purchase
portion of its 0.50% green bonds due 2028
    ** Co intends to allocate funds equivalent to net offering
proceeds towards financing eligible green expenditures
    ** STEM had ~$965 mln market cap as of Tues, per Refinitiv
    ** Shares last down 16.6% at $5.21; trading volume of ~6.3
mln shares at 10:00 a.m ET compares to stock's 25-DMA of ~3.6
mln, per Refinitiv
    ** With decline on the session, shares down 42% YTD
including 36% drop this month

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