Tandem Diabetes falls after announcing planned $200 mln convertible offering
Tandem Diabetes Care TNDM.O shares down 6.9% to $26.30 i n extended trading as it looks to raise capital
San Diego, California-based insulin pump maker announces private offering of $200 mln convertible bonds due 2032
Co plans to use net offering proceeds for acquisitions or strategic investments, working capital, opex and capex
It also intends to use portion of proceeds to pay cost of capped calls, derivative transactions employed to help offset dilution
Co has about ~$1.9 bln market cap
TNDM shares on Mon closed up 15% at $28.26, up ~29% YTD
Stock on Fri jumped 33% after co late Thurs posted Q4 sales and adj operating income that beat LSEG estimates
Avg rating of 24 analysts is "buy"; median PT of $26 up from $22 a month ago and $17.50 on Nov 23, per LSEG data
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