Why Livent Corporation Stock Just Dropped 16%
Shares of Livent Corporation (NYSE: LTHM), a renewable energy play that produces lithium metal for use in rechargeable batteries such as are increasingly used in electric cars, is watching its stock slide 16% through 11:20 a.m. EDT Monday. Lithium announced this morning that it will issue at least $225 million worth of convertible senior notes due 2025 (i.e. debt that's convertible into shares) in a private offering.
Underwriters of the debt offering may purchase up to an additional $33.75 million worth of notes.
Image source: Getty Images.
Source Fool.com
