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SEATTLE - RAIN RFID provider Impinj, Inc. (NASDAQ:PI), currently valued at $5.7 billion, announced Wednesday the pricing of $170 million in 0% Convertible Senior Notes due 2029 in a private offering to qualified institutional buyers. The offering size was increased from the previously announced $150 million. According to InvestingPro data, the company maintains strong financial health with liquid assets exceeding short-term obligations.
The notes will mature on September 15, 2029, with settlement expected on September 8, 2025. Impinj granted initial purchasers an option to buy up to an additional $20 million in notes within 13 days of issuance. The company’s moderate debt level and strong current ratio of 11.64x suggest a solid foundation for this new offering.
The company estimates net proceeds of approximately $164.2 million, or $183.6 million if the additional purchase option is fully exercised, after deducting discounts, commissions and offering expenses.
The notes will be convertible at an initial rate of 3.7398 shares of Impinj’s common stock per $1,000 principal amount, equivalent to a conversion price of approximately $267.39 per share. This represents a 37.50% premium over Impinj’s September 3 closing price of $194.47.
Impinj plans to use the proceeds and cash on hand to exchange $190.0 million of its outstanding 1.125% Convertible Senior Notes due 2027 for approximately $190.5 million in cash and about 0.8 million shares of common stock. The company will also allocate $10.0 million to pay for capped call transactions intended to reduce potential dilution from the notes.
The notes will not bear regular interest, and the principal amount will not accrete. Prior to March 20, 2028, the notes cannot be redeemed by Impinj. After that date, the company may redeem them under certain conditions.
The notes were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and have not been registered under the Securities Act or any state securities laws.
This announcement is based on a press release statement from the company. The stock has shown remarkable strength with a 116% return over the past six months, though InvestingPro analysis suggests the stock is currently trading above its Fair Value. Investors seeking deeper insights can access comprehensive analysis and 16 additional ProTips through InvestingPro’s detailed research reports, available for over 1,400 US stocks including Impinj.
In other recent news, Impinj Inc. reported its second-quarter 2025 earnings, surpassing analysts’ expectations with an earnings per share (EPS) of $0.80, compared to the forecasted $0.71. The company also reported revenue of $97.9 million, exceeding the anticipated $93.75 million. Despite a 4% year-over-year revenue decline, this result was better than Wall Street’s expected 8.5% decline. Following these earnings, Needham raised its price target on Impinj to $165 from $115, maintaining a Buy rating due to the company’s strong execution. Additionally, Impinj announced plans to offer $150 million in convertible senior notes due 2029 in a private placement to qualified institutional buyers. The company will grant initial purchasers an option to buy an additional $25 million in notes. These recent developments highlight Impinj’s financial performance and strategic financial maneuvers.
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