Shares of Weibo Corporation (WB) are falling more than 11% Thursday morning after the Chinese social network company priced its previously announced offering of 6,233,785 American Depositary Shares.
The company plans to lend the ADSs to an affiliate of the underwriter in the ADS Offering. The Borrowed ADSs are being initially offered at $10.19 per ADS.
Weibo will not receive any proceeds from the ADSs Offering except a nominal lending fee from the ADS Borrower.
Concurrently with the ADS Offering, the Company priced the offering of convertible senior notes of $300 million due 2030.
WB, currently at $9.96, has touched a new low of $9.95 this morning.
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