Cohu drops after upsized $260 mln convertible bonds offering

ReutersSep 25, 2025 2:04 PM

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Shares of semiconductor testing firm Cohu Inc COHU.O down 3.8% at $19.74 early Thurs after raising more capital than planned

Poway, California-based COHU late Weds said it priced private offering of $260 mln 1.5% convertible bonds due 2031

Initial conversion price set at $27.18, 32.5% above stock's last close of $20.51

COHU shares on Weds finished down 10% for their biggest daily decline since Apr 3, 2025 as co marketed $200 mln offering for general corp purposes

It also intends to use $28.4 mln to pay cost of capped calls, derivative transactions employed to help reduce potential dilution

With the decline on Thurs, COHU shares down about 26% YTD

4 of 5 analysts rate stock "strong buy" or "buy", 1 has "hold"; median PT is $26.50, per LSEG data

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