Indie Semiconductor tumbles after unveiling convertible bond offering plans

Indie Semiconductor INDI.O shares down 14.9% post-market at $2.69 after planned capital raise news

Developer of sensors for advanced driver assistance systems announces private offering of $150 mln convertible bonds (CBs) due 2031

It intends to use net offering proceeds to repurchase up to approx $100 mln of its 4.50% CBs due 2027, remainder for working capital and other purposes, including potential acquisitions

Aliso Viejo, California-based INDI has ~223.6 mln shares outstanding for roughly $700 mln market cap

Shares finished down 7.1% at $3.16 on Tues, down 10.5% YTD

6 analysts rate stock "buy", 1 rates "hold"; median PT $6, per LSEG data