Why STEM Shares Are Nosediving

Stem Inc STEM shares are trading lower by 16.12% to $5.23 Wednesday morning after the company announced a proposed $175 million green convertible senior notes offering.

What Else?

Stem says the company intends to allocate an amount of funds equivalent to the net proceeds of the offering towards Eligible Green Expenditures.

These may include investments related to creating a more resilient clean energy system, optimized software capabilities for energy systems and reducing waste through operations, including research, development, acquisitions, capital expenditures and operational expenses.

See Also: What's Going On With Micron Shares Today?

According to data from Benzinga Pro, Stem Inc has a 52-week high of $18.02 and a 52-week low of $4.67.