Axon Enterprise to Exchange $407.5 Million in Convertible Notes

MT Newswires Live03-07

Axon Enterprise (AXON) said Friday it entered into privately negotiated agreements to exchange about $407.5 million of its 0.50% convertible senior notes due 2027.

Under the agreements, Axon said it would exchange the notes for a combination of cash and shares of common stock, with the exact number of shares to be determined during an averaging period starting on March 7.

The company said that if the stock price averages $499.31 per share, its closing price on March 6, Axon expects to issue around 1 million shares upon completing the exchange.

The exchange is expected to close by March 13, leaving about $282.5 million in notes outstanding, it added.

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