Oddity Tech falls after $350 mln exchangeable notes deal announced

Shares of Israeli-based online cosmetics retailer Oddity Tech ODD.O down 5.4% at $73.20 early Mon as it seeks capital raise

Co announces private offering of $350 mln 0% 5-yr exchangeable notes

It intends to use net proceeds for general purposes, including potential acquisitions

Co to also use portion of proceeds to pay for capped calls, derivative transactions employed to offset dilution

With ~55.8 mln shares outstanding, co has about $4 bln market cap

Last month, the owner of the IL MAKIAGE and SpoiledChild brands said its co-founder and CEO offloaded 5.5 mln shares in a block trade to boost trading liquidity in the stock

Including move on the session, ODD shares up 74% YTD. Stock hit record intra-day high of $79.18 last Tues

Of 9 analysts covering ODD, 6 rate "strong buy" or "buy", rest rate "hold" with median PT of $65, per most recent LSEG data