Why Par Technology Stock Jumped on Wednesday
It's been a volatile few days for investors in this software services provider for restaurant companies. Par Technology (NYSE: PAR) initially announced a public offering of stock and convertible senior notes on Sept. 13, and today the company announced the pricing of the offering.
The conversion rate for the 2027 notes will be 12.987 shares of stock for every $1,000 of notes, which is equivalent to a stock price of $77. This represents a 37.5% premium to the price per share in the equity offering. The offering is expected to close on Sept. 17, 2021.
ParTech's share price was trading up 8.5% at 2:43 p.m. EDT on Wednesday following the press release.
Source Fool.com
