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Why is Weibo Corp Adr (WB) Stock down?
Shares of Weibo Corp ADR (WB) dropped by 10.69% from $11.32 to $10.11 in the trading on Thursday, November 30, 2023. The reason why WB is down today is due to the company's announcement of a proposed offering involving $300 million in convertible senior notes and ADSs related to the Delta Placement of Borrowed ADSs. These notes carry a 1.375% annual interest rate and offer the option for conversion into the company's ADSs or cash. Holders will have various rights, including redemption, repurchase, and conversion rights. The offering is set to close around December 4, subject to standard conditions.
Weibo Corporation's stock dropped by 8.83% after its second-quarter results, due to Bank of America's lowered price target of $19.50. The current trading price stands at $12.49.
https://www.marketbeat.com/instant-alerts/nasdaq-wb-gap-down-2023-08-25/
WB's stock fell 7.42% because the company entered into oversold territory, hitting an RSI reading of 28.5, after changing hands as low as $13.77 per share.
https://www.nasdaq.com/articles/weibo-enters-oversold-territory-wb-0
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