Here's Why Assertio Shares Are Getting Hammered

Assertio Holdings Inc (NASDAQ:ASRT) shares are trading lower by 27.75% to $2.63 Tuesday morning after the company priced a $60 million convertible senior notes offering.

What Else?

Assertio says the company estimates that the net proceeds from the offering will be approximately $56.7 million (or approximately $66.2 million if the initial purchaser fully exercises its option to purchase additional Convertible Notes), after deducting the initial purchaser's discounts and commissions and estimated offering expenses.

Assertio intends to use the net proceeds from the offering to repurchase or redeem its 13% Senior Secured Notes due 2024 and for general corporate purposes.

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According to data from Benzinga Pro, Assertio has a 52-week high of $4.44 and a 52-week low of $0.85.