Why Shares of Impinj Tumbled Today

Shares of Impinj (NASDAQ: PI) were down on Wednesday after the radio-frequency identification solutions provider disclosed a plan to sell $75 million of convertible senior notes. The stock had dropped 10.9% by 3:30 p.m. EST.

Late Tuesday, the tech company announced that it intends to offer new convertible senior notes due 2026 in a private offering to qualified institutional buyers, with an aggregate principal amount of $75 million. The company also expects to grant the initial purchasers of the notes a 13-day option to purchase an additional $11.25 million of the notes.

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Source Fool.com