Why Shift Technologies Stock Plunged Today
Shares of used-car e-commerce platform Shift Technologies (NASDAQ: SFT) plunged on Monday after the company announced a substantial convertible debt offering. As of 10:45 a.m. EDT today, the stock was down 15% and is now 55% down from its 52-week high.
According to the official press release from the company, Shift Technologies is looking to raise $75 million with convertible notes. These notes won't be due until 2026. However, other terms of the offering are still contingent on market conditions. In other words, the higher the demand for the notes, the better the terms will be for Shift Technologies and its shareholders. But we'll just have to wait and see.
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Source Fool.com
