Voyager Technologies shares fell 16.33% to close at $31.40 on Wednesday amid potential dilution from its plan to raise $350 million through convertible senior notes. Holders may convert the notes into Class A shares or a combination of cash and shares.
The notes are due October 15, 2032. Voyager expects to give initial purchasers an option, within 13 calendar days of issuance, to buy up to an additional $52.5 million in principal. Starting October 21, 2030, the company may redeem all or part of the notes for cash if its share price remains at least 30% above the agreed conversion price for a specified period. Net proceeds are expected to fund general corporate purposes and the costs of capped-call transactions.
Separately, Voyager said earlier this month that it delivered and integrated quick-disconnect plates for the European Space Agency’s In-Flight Demonstrator. Insider Monkey reported that hedge funds holding the stock fell to 27 in the second quarter from 37 in the prior quarter, while their combined holdings declined 16% to $188 million from $225 million. Riva Senvest Management had the largest reported position, at $95.65 million.
