Stock Track | Upstart Shares Dip on Planned $425 Million Convertible Debt Offering

Stock Track11-12

Shares of Upstart Holdings, Inc. (UPST) fell nearly 6% in pre-market trading on Monday after the company announced plans to raise $425 million through a private offering of convertible senior notes due in 2030.

The fintech company, which uses artificial intelligence to automate the lending process, said it intends to grant the initial purchasers an option to buy an additional $75 million worth of notes within 13 days of the initial issuance. The notes will be convertible into cash, Upstart's common stock, or a combination of both, at the company's discretion.

Upstart stated that the proceeds from the offering will be used for general corporate purposes, potentially including the repayment or retirement of existing debt. However, the company did not provide further details on the specific use of the funds or the rationale behind the debt raise.

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