Indie Semiconductor announces $175 million convertible notes offering

Indie Semiconductor, an automotive chip designer, saw its shares fall by 21% on Tuesday following the company's announcement of a private offering of $175 million in convertible senior notes, set to mature in 2029.

The company intends to allocate a portion of the net proceeds to finance the cost of capped call transactions. The remaining funds will be used for working capital and other general corporate needs, which may encompass future acquisitions.

The company's stock has experienced a significant downturn this year, with a 49% decline year to date.

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Source: Investing.com