Impinj, Inc. Announces Proposed Private Offering of $225 Million of Convertible Senior Notes Due 2027

About this update from Impinj, Inc.

[{"type":"text","content":" SEATTLE--(BUSINESS WIRE)--\nImpinj, Inc. (Nasdaq: PI) a leading RAIN RFID provider and Internet of Things pioneer, today announced its intention to offer, subject to market conditions and other factors, $225 million aggregate principal amount of Convertible Senior Notes due 2027 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Impinj also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $33.75 million aggregate principal amount of the notes.\n\nThe notes will be senior, unsecured obligations of Impinj, and will bear interest payable semi-annually in arrears. The notes will be convertible into cash, shares of Impinj’s common stock or a combination thereof, at Impinj’s election. The interest rate, conversion rate and other terms of the notes are to be determined upon pricing of the offering.\n\nImpinj intends to use a significant portion of the net proceeds of the offering of the notes to repurchase for cash a portion of the aggregate principal amount of its outstanding 2.00% convertible senior notes due 2026 (the “2026 notes”) through individual privately negotiated transactions concurrently with the offering of the notes (collectively, the “2026 Note Repurchase”). Impinj intends to use the remainder of the net proceeds from the offering of the notes for general corporate purposes.\n\nIn connection with the 2026 Note Repurchase, holders of the 2026 notes may enter into or unwind various derivatives with respect to Impinj’s common stock (including entering into derivatives with one or more of the initial purchasers in the offering of the notes or their respective affiliates) and/or purchase shares of Impinj’s common stock concurrently with or shortly after the pricing of the notes. The 2026 Note Repurchase, and the potential related market activities by selling holders of the 2026 notes (such as purchases of shares of Impinj’s common stock), could increase (or reduce the size of any decrease in) the market price of Impinj’s common stock, which may also affect the trading price of the notes at that time. Such activity could affect the market price of Impinj’s common stock concurrently with the pricing of the notes, and could result in a high...

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