Indie Semiconductor Announces $175 Million Convertible Bond Issuance

Shares of automotive chip designer Indie Semiconductor fell 21% on Tuesday after the company announced it would issue $175 million in convertible senior notes maturing in 2029. The company plans to use part of its net proceeds to finance the cost of capped call transactions. The remaining funds will be used for other general corporate purposes, including working capital and potential future acquisitions. The company's stock has seen a significant decline this year, losing 49% of its value since the beginning of the year.