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Cannabis stock Tilray plunges on registered offering price

Yahoo Finance

Yahoo Finance Live discusses a drop in shares of cannabis stock Tilray after the company revealed it's registered offering price.

Video transcript

- Take a look at another trending ticker that we are watching today. Shares of Tilray plummeting almost 20% this morning after it unveiled it would be offering a 5.2% convertible senior note offering due in 2027 and announced pricing of $150 million of that.

That move might have led to concerns of shareholder dilution that happens because those bonds are convertible into debt, which could dilute value for existing shareholders, or could be a concern, and/or I guess that the business is debt load more widely needs to be refinanced in some way.

We'll be keeping an eye on that. Owners of the notes will have the ability, as I said, to change them to Tilray shares ahead of the 2027 debt deadline. Shares of the cannabis company, by the way, are also down for the year to date.