Impinj edges down after boosted $170 mln convertible bond sale

ReutersSep 4, 2025 12:51 PM

Shares of radio frequency identification chipmaker Impinj PI.O down 0.3% at $193.98 on thin volume before the bell after above-target capital raise

Seattle, Washington-based Impinj announces pricing offering of $170 mln 0% 4-yr convertible CBs

Initial conversion price set at $267.39, 37.5% above stock's last close

PI shares on Weds finished session up 4.7% to $194.47 after co late Tues unveiled $150 mln offering

Co intends to use net offering proceeds and cash to exchange $190 mln principal of its outstanding 1.125% CBs due 2027, and $10 mln to pay cost of capped calls

The cap price of capped call transactions is initially $340.32, which is a 75% premium to stock's last sale on Weds

Through Weds, stock up ~34% YTD compared to 11% advance in the Nasdaq .IXIC

All 7 analysts covering PI are bullish and median PT is $176, per LSEG data

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