Xometry down after $225 mln convertible bond sale unveil

Shares of AI-enabled marketplace for on-demand manufacturing Xometry XMTR.O down 4.7% at $34.50 after capital raise news

Maryland-based firm offering privately $225 mln convertible bonds (CBs) due 2030

It plans to use portion of net proceeds to pay for capped calls, derivative transactions to reduce dilution, and up to $25 mln to repurchase its stock

Co plans to use remaining proceeds for working capital and other purposes, which may include additional repurchases of its 1% CBs due 2027

With ~50.7 mln shares outstanding, co has ~$1.8 bln market cap, per latest LSEG data

XMTR shares on Mon ended down 1.5% at $36.20, down 15% YTD

Of 10 analysts covering XMTR, recommendation breakdown is 7 "strong buy" or "buy", 2 "hold" and 1 "sell" rating; median PT is $35.50 - LSEG