Why Bilibili Stock Is Down Nearly 15% Today
Shares of China's digital entertainment website operator Bilibili (NASDAQ: BILI) are lower by 14.9% as of 12:01 p.m. ET on Thursday after the company announced it intends to raise funds by issuing new convertible debt.
For the second day in a row, Bilibili shares are being battered. The stock tumbled 9% on Wednesday after the company reported mixed third-quarter numbers and disappointing revenue guidance for the quarter currently underway. Today's more dramatic plunge stems from news that the company plans on issuing $1.4 billion worth of notes, or debt, that can be converted into shares of the company.
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