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Why Upwork Stock Jumped 15% This Week

TheMotleyFool

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Why Upwork Stock Jumped 15% This Week: https://g.foolcdn.com/editorial/images/725814/gettyimages-1313939390.jpg

Shares of Upwork (NASDAQ: UPWK), a platform for connecting freelancers to clients, soared 15.4% this week, according to data provided by S&P Global Market Intelligence, after the company said that it would buy back some of its convertible debt.

Upwork said in a regulatory filing this week that it entered into a repurchase agreement to buy back some of the 0.25% convertible debt that will come due in 2026. The company said that it will spend about $157 million in cash for the purchase, which is expected to close around March 27.

The company further said that the principal amount of notes left outstanding will be $378.2 million.

Source Fool.com

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