Vroom slips on planned $500 mln convertible debt deal

Vroom

14/06/2021 21:25

** Shares of online used-car seller Vroom Inc  VRM.O  fall
~5% in extended trading as co looks to raise capital
    ** VRM after the bell says offering privately $500 mln 5-yr
convertible notes  urn:newsml:reuters.com:*:nGNX8g21RW
    ** Intends to use net proceeds for general corp purposes,
including marketing, logistics operations expansion, and
potential acquisitions among other uses
    ** VRM shares on Mon rose 2.1% to $45.19 and have ~$6.2 bln
market cap, per Refinitiv data
    ** YTD, VRM shares up ~10%. Stock is double June 2020 IPO
price ($22), but off ~40% from all-time peak hit in early
September
    

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))