Why fuboTV Stock Popped Today
Shares of fuboTV (NYSE: FUBO) have popped today, up by 12% as of noon EST, as many stocks with high short interest continue to soar due to ongoing short squeezes related to retail traders on Reddit's WallStreetBets forum. Separately, fuboTV announced that it had priced a convertible senior note offering.
The sports streaming platform announced a proposed offering yesterday for $350 million in convertible senior notes that will come due in 2026. The offering has now priced and will pay an interest rate of 3.25% per year. The paper will mature on Feb. 15, 2026, and have an initial conversion rate of 17.3063 shares per $1,000, which translates into a conversion price of $57.78. There was no mention of any capped call transactions, which issuers often use in conjunction with convertible note offerings in order to mitigate potential dilution.
Image source: fuboTV.
Source Fool.com
