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Aug. 6, 2019, 7:50 a.m. EDT

Snap stock falls after company announces $1 billion convertible offering

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By Emily Bary

Snap Inc. /zigman2/quotes/205087158/composite SNAP +2.40% on Tuesday announced that it planned to conduct a $1 billion convertible debt offering. The company said it would use the proceeds for general corporate purposes, including working capital and operating expenses, and that it may spend some of the funds on acquisitions or stock repurchases. The notes would be set to mature on Aug. 1, 2026. Shares are down 2.2% in premarket trading Tuesday, though they're up 199% so far this year. The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.00% has risen 13% in that time.

/zigman2/quotes/205087158/composite
US : U.S.: NYSE
$ 14.09
+0.33 +2.40%
Volume: 22.09M
Oct. 15, 2019 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$18.98 billion
Rev. per Employee
$409,309
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/zigman2/quotes/210599714/realtime
US : S&P US
2,995.68
+29.53 +1.00%
Volume: 1.68B
Oct. 15, 2019 5:00p
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