Shares of Centrus Energy Corp. (LEU) plunged 17.74% on November 4, 2024, amid a broader selloff in the nuclear energy sector and the company's announcement of a proposed $350 million convertible senior notes offering.

Centrus, a supplier of nuclear fuel components and services, stated its intention to offer $350 million in convertible senior notes due in 2030 to qualified institutional buyers. Convertible debt offerings typically lead to dilution of existing shareholders' equity when the notes are eventually converted into common stock, potentially weighing on the stock price.

Adding to the pressure, nuclear energy stocks tumbled across the board on November 4th, with major player Constellation slumping over 8%. This sector-wide weakness likely contributed to Centrus' sharp decline, reflecting concerns over the broader industry outlook.