Snap stock falls after company announces $1 billion convertible offering

Snap Inc. on Tuesday announced that it planned to conduct a $1 billion convertible debt offering. The company said it would use the proceeds for general corporate purposes, including working capital and operating expenses, and that it may spend some of the funds on acquisitions or stock repurchases. The notes would be set to mature on Aug. 1, 2026. Shares are down 2.2% in premarket trading Tuesday, though they're up 199% so far this year. The S&P 500 has risen 13% in that time.

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