Indie Semiconductor tumbles on $150 mln convertible bond offering

Indie Semiconductor INDI.O shares down 14.9% premarket to nine-month low $2.69 after securing capital raise

Developer of sensors for advanced driver assistance systems early Weds announced pricing private offering of $150 mln 4% convertible bonds (CBs) due 2031

Initial conversion price of $3.87 represents 22.5% premium over stock's last close of $3.16

Co intends to use net offering proceeds to repurchase ~$104 mln of its 4.50% CBs due 2027, remainder for working capital and other purposes, including potential acquisitions

Aliso Viejo, California-based INDI has about $700 mln market cap

Shares on Tues finished down 7%, down 10.5% YTD

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