BlackSky Stock Drops After Hours: What Happened?

Group 1 - BlackSky Technology, Inc. announced plans to offer $125 million principal amount of convertible senior notes due 2033, leading to a drop in its shares during extended trading [1] - The company plans to grant initial purchasers an option to buy up to an additional $18.75 million principal amount of the notes [1] - Approximately $103.1 million of the proceeds will be used to repay and terminate its secured term loan facility, while about $10.2 million will be used for its secured revolving credit facility [2] Group 2 - Following the announcement, BlackSky Technology stock experienced a significant decline of 222.23%, trading at $23 in Thursday's extended trading [3]