BUZZ-NeoGenomics rebounds after $275 mln convertible debt sale

NeoGenomics, Inc.

NeoGenomics, Inc.

NEO

0.00

** Cancer diagnostics co NeoGenomics' NEO.O shares up 2% at $10.70 and on track to snap three-day losing streak on Weds after securing capital raise

** NEO early Weds announced pricing private offering of $275 mln 0.75% convertible bonds (CBs) due July 2032

** Initial conversion price of $14.16 represents 35% premium to stock's last close

** NEO intends to use some net offering proceeds, along with cash, to repurchase $276 mln of its 0.25% CBs due 2028

** Also plans to use $25 mln for capped call transactions and repurchase up to $25 mln of its shares to facilitate hedging by investors in the new CBs

** Fort Myers, Florida-based NEO has about $1.4 bln market cap

** Stock now down 9% YTD, including ~44% rally QTD

** Avg rating of 12 analysts is "buy"; median PT $14, per LSEG data


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