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37.45
1.43%
-0.56
Why is Sphere Entertainment Co (SPHR) Stock down?
We've noticed a 5.16% decline in Sphere Entertainment Co (SPHR) stock during the 2024-04-25 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
05 Dec, 2023:
Shares of Sphere Entertainment Co (SPHR) dropped by 15.50% from $33.62 to $28.41 in the trading on Tuesday, December 5, 2023. The reason why SHPR is down today is due to Sphere Entertainment's announcement of a $225 million convertible senior notes offering due in 2028, with an option for an additional $33.75 million. The exact terms, such as yield and conversion price, were not disclosed. The company stated that the funds raised would be used for purposes including acquiring capped calls to reduce potential dilution and for general corporate needs, including Sphere-related growth initiatives. Investors were left with questions about the need for more cash, given the company's substantial cash reserves and limited debt.
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