Why Weibo Shares Hit A New 52-Week Low Today

Weibo Corp WB shares are trading lower by 11.5% to $10.02 Thursday morning after the company announced a proposed offering of $300 million convertible senior notes and a proposed offering of ADSs in connection with the Delta Placement of Borrowed ADSs.

What Happened With The Offering?

Weibo Corporation announced a $300 million convertible senior notes offering due in 2030. These notes, offered to qualified buyers, will refinance part of the company's debt at an interest rate of 1.375% per year, with the option to convert to the company's ADSs or cash.

Holders have redemption, repurchase and conversion rights and the company disclosed potential market activities related to the notes, including short positions and derivatives.

The offering is expected to close around December 4, pending standard conditions.

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According to data from Benzinga Pro, Weibo has a 52-week high of $25.57 and a 52-week low of $10.01.