Why Sunnova Energy Stock Dropped 7.5% on Monday
Shares of Sunnova Energy International (NYSE: NOVA) jumped by as much as 14.3% in trading on Monday after the company announced plans for a large new debt offering, but the stock closed the trading session down 7.5%.
On Monday morning, management said they plan to offer $500 million of convertible senior notes due in 2026. Initial purchasers are expected to get an option to buy another $75 million worth of the notes as well. Details about the conversion option aren't known yet and will be determined by the market in the next few days.
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Source Fool.com
