Axon prices upsized $600M convertible senior note offernig

Axon Enterprise announced the pricing of its private offering of $600 million aggregate principal amount of 0.50% Convertible Senior Notes due 2027 to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. Axon also granted the initial purchasers of the Notes an option to purchase up to an additional $90 million aggregate principal amount of the Notes, for settlement within a 13-day period beginning on, and including, the first date on which the Notes are issued. The aggregate principal amount of the offering was increased from the previously announced offering size of $500 million. The sale of the Notes is expected to close on December 9, 2022, subject to customary closing conditions. The initial conversion rate is 4.3720 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $228.73 per share of common stock. The initial conversion price represents a premium of approximately 35% over the last reported sale price on The Nasdaq Global Select Market of $169.43 per share of Axon’s common stock on December 6, 2022.