Stock Track | Canadian Solar Plunges 5.99% in Pre-Market on $200 Million Convertible Notes Offering
Stock Track01-08
Canadian Solar (CSIQ) saw its stock drop sharply by 5.99% in pre-market trading on Thursday, following the company's announcement of a proposed offering of $200 million convertible senior notes due 2031.
The offering, which includes an overallotment option of up to $30 million, is intended to fund investments in U.S. manufacturing capacity and general corporate purposes. Investors reacted negatively due to concerns about potential dilution of existing shareholders' equity and the added debt burden, leading to the decline in the stock price.
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