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Investing.com -- Voyager Technologies Inc (NYSE:VOYG) stock dropped 3% in premarket trading Thursday after the company announced plans to offer $300 million in convertible senior notes due 2030 in a private placement.
The company said the notes will be offered to qualified institutional buyers, with an option for initial purchasers to buy an additional $45 million to cover over-allotments. Voyager plans to use part of the proceeds to fund capped call transactions intended to offset potential dilution from the notes up to a premium of at least 100% above the current share price.
Additionally, Voyager intends to use up to approximately $175 million of the proceeds to repurchase shares of its Class A common stock through privately negotiated transactions with certain investors and existing stockholders, as well as through a prepaid forward stock purchase transaction.
The remaining funds will be allocated for general corporate purposes, which the company indicated would support expansion through organic growth and strategic acquisitions.
In connection with the offering, Voyager will enter into capped call transactions designed to reduce potential dilution to its common stock upon conversion of the notes. The company will also execute a prepaid forward stock repurchase transaction with one of the initial purchasers.
Separately, KeyBanc analyst Michael Leshock lowered his price target on Voyager Technologies to $45 from $50 while maintaining an Overweight rating, citing risks related to a potential prolonged government shutdown.
The notes will mature on November 15, 2030, unless earlier repurchased, redeemed, or converted, with interest payable semi-annually. Voyager will have the option to settle conversions in cash, shares, or a combination of both.
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