Why Luminex Shares Are Tumbling 13.5% Today
Shares in Luminex Corporation (NASDAQ: LMNX) are trading 13.5% lower as of 3:05 p.m. EDT on Friday after the company announced the pricing of its offering of $260 million of 3% convertible senior notes due 2025.
The conversion rate on the healthcare company's senior notes is 22.8918 shares of common stock per $1,000 principal amount of convertible notes, which is equivalent to an initial conversion price of $43.68 per share. The offering is expected to result in net proceeds of $218.3 million, after fees and costs associated with bond hedges and warrant transactions designed to potentially reduce dilution associated with converting the notes into equity.
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Source Fool.com