Cybersecurity firm Tenable tumbles after unveiling $650 mln convertible

Tenable Holdings

10/09/2026 13:08

** Shares of cybersecurity exposure management firm Tenable Holdings TENB.O down 7.6% premarket on Thurs to $31.10, lowest since July 30, as it seeks capital raise
** Columbia, Maryland-based TENB offering privately $650 mln convertible bonds due 2031
** It intends to use net offering proceeds to fully repay term loans under credit facility, and for general purposes, including additional share repurchases, acquisitions or investments, among other purposes
** Co also plans to use some proceeds to pay cost of capped call transactions and repurchase up to $200 mln of its shares to help mitigate potential dilution
** TENB, which joined S&P SmallCap 600 index .SPCY on Aug 31, has about $3.7 bln market cap
** Through Weds close, stock up 43% YTD

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