Unity Software Inc.'s stock, trading under the ticker symbol U, plummeted 5.04% intraday on Tuesday, underperforming the broader market. The decline followed the company's announcement of pricing a $600 million convertible bond offering.
The video-game software maker disclosed late Monday the pricing of its offering of $600 million in 0% convertible bonds due 2030. The initial conversion price of $36.15 represents a 32.5% premium over the stock's closing price on Monday. The news may have raised concerns among investors about potential dilution and pressure on the stock price.
Unity Software's shares had surged around 30% on Thursday after the company reported better-than-expected fourth-quarter results and revealed plans to roll out its new AI advertising algorithm by the end of the current quarter. However, the convertible bond deal appears to have reversed some of those gains, leading to the intraday plummet.
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