- Shift Technologies Inc SFT seeks to raise $75 million from a private institutional offering of senior notes due 2026.
- The initial purchasers of the notes have thirteen days to procure up to an additional $11.25 million notes.
- Shift plans to forge privately negotiated capped call transactions with the initial note purchasers.
- The offering proceeds will be utilized to pay for the capped call transactions. The remaining proceeds will be used for working capital and general corporate purposes.
- The company held $177 million in cash and equivalents as of March 31, 2021. SFT's stock has lost 26% last year.
- Price action: SFT shares traded lower by 2.28% at $7.30 in the premarket session on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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