PureCycle Prices $395M Offering: 4.75% Convertible Notes & Common Stock at $8.21/Share
Summary
PureCycle priced its concurrent public offerings, raising $395 million in gross proceeds. This includes $250 million in 4.75% convertible senior notes due 2032 and 17,661,388 shares of common stock priced at $8.21 per share. The initial conversion price for the notes is $11.08 per share. This follows the company's announcement yesterday of its intention to raise capital and SEC filings detailing the combined $395 million. The common stock offering is significantly dilutive to existing shareholders, though the capital provides crucial liquidity and will be used to repurchase higher-interest green convertible notes and for working capital. The offerings are expected to close around June 15th.
At the time of this announcement, PCT was trading at $8.49 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $4.93 to $17.37. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.