Sea Limited Drops Following Public Offering Of Shares

Shares of Electronic Gaming & Multimedia company Sea Limited (SE) are down more than 5% in the morning trade on Thursday at $324.90.

Wednesday, the company announced a proposed registered underwritten public offering of American Depositary Shares, each representing one Class A ordinary share, par value $0.0005 per share, and a proposed registered underwritten public offering of its convertible senior notes due 2026.

The company intends to offer 11 million ADs and $2.5 billion aggregate principal amount of Notes.

Sea Limited also intends to grant the underwriters in the ADS Offering a 30-day option to purchase up to an additional 1.56 million ADSs and to grant the underwriters in the Notes Offering a 30-day option to purchase up to an additional $375 million in aggregate principal amount of Notes.

The Company plans to use the net proceeds from the Offerings for business expansion and other general corporate purposes, including potential strategic investments and acquisitions.

SEA has been trading in the range of $138.03-$35.84 in the last one year.

Source: Read Full Article