Stock Track | Fastly Plummets 5.07% as New Convertible Note Issuance Weighs on Shares

Stock Track12-03

Fastly, Inc. (FSLY) shares plummeted by 5.07% during Tuesday's trading session, as the cloud services company announced plans to issue $150 million in new convertible senior notes due 2028.

The company said it will use the proceeds from the new 7.75% convertible note issuance to repurchase $157.9 million of its existing 0.00% convertible senior notes due 2026. While the repurchase of existing notes could be viewed positively, the overall market reaction suggests concerns over the potential dilution from the new note issuance.

Additionally, Piper Sandler analyst James Fish maintained a "Hold" rating on FSLY shares and set a price target of $10.00, which could have further weighed on investor sentiment intraday.

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(FSLY) shares plummeted by 5.07% during Tuesday's trading session, as the cloud services company announced plans to issue $150 million in new convertible senior notes due 2028.\nThe ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"FSLY","symbol_name":"Fastly, Inc.","start_time":0,"source_url":"","article_id":"1194694289","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1194694289","pubTimestamp":1733237063,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Fastly, Inc.  shares plummeted by 5.07% during Tuesday's trading session, as the cloud services company announced plans to issue $150 million in new convertible senior notes due 2028.The company said it will use the proceeds from the new 7.75% convertible note issuance to repurchase $157.9 million of its existing 0.00% convertible senior notes due 2026. 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