Why FARO Technologies Shares Are Trading 25% Lower

FARO Technologies Inc FARO shares are trading lower by 25.28% to $26.38 Friday morning after the company announced pricing of a $60 million convertible senior notes offering.

FARO says the company estimates that the net proceeds from the offering will be approximately $57.7 million, or approximately $72.2 million if the initial purchaser exercises its option to purchase additional Notes in full, after deducting the initial purchaser's discount and estimated offering expenses.

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FARO intends to use the net proceeds from this offering for working capital and other general corporate purposes.

According to data from Benzinga Pro, FARO has a 52-week high of $59.66 and a 52-week low of $25.20.