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Why Okta Shares Fell Today

TheMotleyFool

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Shares of enterprise identity management specialist Okta (NASDAQ: OKTA) are down today despite the broader market's gains. The company had announced a private offering of $1 billion worth of convertible senior notes earlier this week, and subsequently confirmed the pricing of that deal this morning. The notes will carry an interest rate of 0.125% per year and be convertible into 5.2991 shares starting in 2025, representing a conversion price of $188.71 per share, or about 48% higher than yesterday's closing price.

Here's why Okta stock is down on the offering.

Image source: Getty Images.

Source Fool.com

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