T1 Energy rallies after $120 mln convertible bond sale
TE•Shares rebound after capital raise
Shares of solar solutions provider T1 Energy TE.N reverse early losses and last up 12.5% to $4.19 on Thursday after the capital raise.
Stock remains down sharply this year
The stock had plunged 60% in July through Wednesday. Even with the advance, it is still down 37% year to date.
Six of seven analysts rate the stock "strong buy" or "buy" and one rates it "hold"; the median price target is $9, according to LSEG data.
Convertible notes priced at a premium
T1 Energy early Thursday announced a private placement of $120 million of 4.75% convertible bonds due Aug. 1, 2031.
The initial conversion price of $4.46 represents a 20% premium above the stock's last close of $3.72.
