Tempus AI dips after boosted $650 mln convertible bond sale

ReutersJul 1, 2025 10:12 AM

Shares of genetics testing firm Tempus AI TEM.O down 0.3% before the bell to $63.37 after co secures capital raise

Chicago, Illinois-based firm, backed by SoftBank 9984.T, late Mon announced pricing of $650 mln 0.75% 5-yr convertible bonds

Initial conversion price of $84.19 is 32.5% premium to stock's last close

TEM shares fell 4.5% after co early Mon announced $400 mln offering

Co plans to use net proceeds to repay $247.7 mln principal of its outstanding secured term loans, plus any unpaid premium and interest

Also intends to use proceeds to pay ~$36 mln for capped calls, rest for general purposes including potential acquisitions or strategic investments, among other purposes

Through Mon, TEM shares up 88% YTD giving them $11 bln market cap

Of 12 analysts covering TEM, half rate "strong buy" or "buy", half rate "hold" and median PT is $65, LSEG data reflects

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