Why TPI Composites Stock Is Trading Sharply Lower

TPI Composites Inc TPIC shares are trading lower by 16.8% to $11.9 Tuesday morning after the company announced a proposed offering of $100 million convertible senior notes.

What Else?

In connection with this offering, TPI expects to grant the initial purchasers of the notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $15.0 million aggregate principal amount of the notes.

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TPI Composites meanwhile says the offering of the notes is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

According to data from Benzinga Pro, TPIC has a 52-week high of $25.05 and a 52-week low of $8.46.