SoFi Technologies' Stock Price Drops Sharply

Stock Decline After Sale Announcement

Shares Tumble 13%

SAN FRANCISCO, Calif. - Shares of SoFi Technologies (SOFI) experienced a significant decline of 13% on Tuesday, February 28th, 2023, after the online financial services provider announced plans to sell up to $862.5 million in convertible senior notes.

The company's stock closed at $759, down $0.10 (-0.01%). Over the past 52 weeks, SOFI's stock has fluctuated between a high of $1170 and a low of $445.

The convertible senior notes, which are due in 2030, will have an interest rate of 1.25% and will be convertible into SoFi's common stock at a conversion rate of 71.8043 shares per $1,000 principal amount of notes.

The proceeds from the sale of the notes will be used for general corporate purposes, including investing in growth initiatives and strengthening the company's financial position.

SoFi Technologies is a leading provider of financial services to the modern workforce, offering a wide range of products and services including student loan refinancing, personal loans, home loans, and investment accounts.

Analysts are currently assessing the impact of the convertible senior notes sale on SoFi's financials and long-term prospects. Investors should carefully consider their investment goals and risk tolerance before making any decisions regarding SOFI stock.