Novavax Inc (NASDAQ: NVAX) shares – a biotech company dedicated to developing and commercializing vaccines for infectious diseases – plunged on Thursday after it proposed convertible senior notes. As of 12:00 PM ET, Novavax shares dropped by 19.85%.
Novavax Inc officially went public on Dec 5, 1995, reaching an all-time high of $319.93 on Feb 8, 2021. NVAX is now down 90.34% year-to-date at $13.876 as of press time. So far, the stock is down 83.28% overall.
The company announced a proposed offering of convertible senior notes due in 2027 with an aggregated principal amount of $125 million. The company expects to grant initial purchasers a 30-day option to purchase an additional $18.75 million worth of notes.
The company said they may use the proceeds from the notes for general purposes, including the repayment or repurchase of a portion of the $325 million in outstanding principal owned to their previous convertible senior unsecured notes that are due on Feb 1, 2023.
See the $NVAX chart performance here.
Novavax Inc stocks dropped upon its announced convertible senior notes. The investors' reactions happened despite other announcements of the company's big plans, like making COVID shots in Canada. Since investors can't know for sure how the convertible senior notes will perform, it is more important to focus on Novavax's business.
See full $NVAX flow at: https://unusualwhales.com/stock/NVAX/flow-overview
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