Semler Scientific, Inc. (SMLR) faced a significant 13% plunge in its stock price during Friday's pre-market trading session, underperforming the broader market. The healthcare technology firm's shares took a hit following the announcement of an upsized $85 million convertible senior notes offering, raising concerns about potential equity dilution.
The company revealed plans to issue the convertible notes due 2030 in a private offering to institutional buyers. While the initial offering size was set at $75 million, strong demand prompted Semler Scientific to upsize the offering to $85 million, with an option to purchase an additional $15 million worth of notes.
Investors reacted negatively to the news, as convertible debt offerings often lead to the issuance of new shares when the notes are converted, diluting existing shareholders' stakes. Additionally, Semler Scientific stated its intention to use a portion of the proceeds to fund capped call transactions and acquire bitcoin as part of its bitcoin treasury strategy, further fueling concerns about the company's capital allocation decisions.
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