Here's Why Pacific Biosciences of California Stock Popped Today
Shares of Pacific Biosciences of California (NASDAQ: PACB) surged 16% on Wednesday after the DNA sequencing leader said it obtained a strategic investment from Japanese technology conglomerate SoftBank Group (OTC: SFTB.Y).
Softbank subsidiary SB Management will purchase $900 million in convertible senior notes that it can convert into PacBio stock at a price of $43.50 per share. The notes mature on Feb. 15, 2028, and pay 1.5% interest annually.
Shares of Pacific Biosciences rose sharply on Wednesday following its deal with SoftBank. Image source: Getty Images.
Source Fool.com