The capital injection is earmarked primarily for the repurchase of the company’s existing 7.25% green convertible notes due 2030, with remaining funds slated for general working capital. This aggressive move to restructure debt arrives as the company struggles to maintain market momentum. During Wednesday's regular session, PureCycle shares fell 8.4% to $9.89, marking a fourth consecutive day of losses. Despite this week's retreat, the stock remains up 15% for the year.
In section Market Quotes
PureCycle Stock Drops 14% Following Debt and Equity Offering
Investors reacted sharply to PureCycle Technologies' plan to raise $395 million, sending shares tumbling 14% to $8.51 in after-hours trading Wednesday. The plastic recycling firm aims to secure the capital through a $145 million stock offering combined with a $250 million sale of convertible senior notes maturing in 2032.
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