Here's Why Verastem Dropped Precipitously Today [The Motley Fool]
Verastem, Inc. (VSTM)
Last verastem, inc. earnings: 10/29 04:17 pm
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US:NASDAQ Investor Relations:
verastem.com
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Source: The Motley Fool
Convertible notes issued by the biotech will dilute investors. Brian Orelli ( TMFBiologyFool ) Oct 12, 2018 at 12:07PM What happened Shares of Verastem ( NASDAQ:VSTM ) are down 10.4% at 12:43 p.m. because the company is selling $150 million worth of convertible notes due in 2048 with an interest rate of 5%. That might seem like a low interest rate to be paying for such a long term, but the note holders can convert the notes into 139.5771 shares for every $1,000 principal amount of the notes they own. Doing the math, the note holders are essentially buying the equivalent of shares at $7.16 each -- a 15% premium to yesterday's close -- and getting paid 5% per year to wait until the shares go up to $7.16 and beyond. If shares get to or above 130% of the conversion price for a period of time and other conditions are satisfied, Verastem can force note
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VSTM
News
- Verastem Oncology Announces Appointment of John Hayslip, M.D., to Chief Medical Officer [Yahoo! Finance]Yahoo! Finance
- Verastem Oncology Announces Appointment of John Hayslip, M.D., to Chief Medical OfficerBusiness Wire
- Orna Therapeutics Appoints Frank Neumann, M.D., Ph.D., as Chief Medical Officer [Yahoo! Finance]Yahoo! Finance
- MPM BioImpact Appoints Frank Neumann, M.D., Ph.D., Distinguished Expert in Clinical Development, as Entrepreneur Partner [Yahoo! Finance]Yahoo! Finance
- GenFleet Therapeutics Announces Potent Anti-tumor Efficacy of GFH375, an Oral KRAS G12D (ON/OFF) Inhibitor, and its Potential in Combination Therapy with RAF/MEK Clamp at 2024 AACR Annual MeetingPR Newswire
VSTM
Earnings
- 3/14/24 - Miss
VSTM
Sec Filings
- 4/12/24 - Form DEF
- 4/9/24 - Form 8-K
- 4/8/24 - Form 4
- VSTM's page on the SEC website