Enovis Corporation ENOV shares are trading lower on Thursday after the company announced a proposed private offering of $400 million of convertible senior notes and issued preliminary third-quarter results.
What To Know: Enovis announced its plan to offer $400 million aggregate principal amount of Convertible Senior Notes due in 2028, in a private offering.
The company intends to use a portion of the net proceeds from the offering to fund the cash purchase price of the pending acquisition of LimaCorporate S.p.A.
In addition to the private offering announcement, the company also released preliminary third-quarter results on Thursday. Revenues are expected to be between $414 and $418 million, compared to approximately $383 million from the same period last year, an increase of roughly 8 to 9%.
Thursday's price move was marked by abnormally high volume. According to data from Benzinga Pro, the stock experienced above-average trading volume of 2.64 million shares compared to its average volume of 355,063.
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ENOV Price Action: Shares of ENOV were down 9.13% at $44.07 at the time of publication, according to Benzinga Pro.
Image by Sasin Tipchai from Pixabay
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