Robinhood Sinks After $2 Billion Convertible Note Sale; Details of Terms and Planned Uses of Proceeds
Robinhood Markets announced a private placement of $2.0 billion aggregate principal amount of 0.00% convertible senior notes due 2029, priced to qualified institutional buyers, prompting a roughly 6% premarket decline in the stock. The company expects net proceeds near $1.97 billion and outlined specific allocations, including a $290 million simult…