Core Viewpoint - Joby Aviation, Inc. has announced the pricing of concurrent public offerings totaling $600 million in convertible senior notes and approximately 52.86 million shares of common stock, with the aggregate offering size increased from a previously announced $1 billion [1] Group 1: Offerings Details - The company is offering $600 million of 0.75% convertible senior notes due in 2032 and 52,863,437 shares of common stock at a price of $11.35 per share [1] - The note offering and common stock offering are scheduled to settle on February 2, 2026, subject to customary closing conditions [1] - The underwriters have a 30-day option to purchase additional notes worth up to $90 million and an additional 7,929,515 shares of common stock [1] Group 2: Financial Terms of the Notes - The notes will accrue interest at a rate of 0.75% per annum, payable semi-annually starting August 15, 2026, and will mature on February 15, 2032 [3] - The initial conversion rate is set at 70.4846 shares of common stock per $1,000 principal amount of notes, equating to an initial conversion price of approximately $14.19 per share, representing a 25% premium over the public offering price [3][4] Group 3: Use of Proceeds - Joby estimates net proceeds from the common stock offering to be approximately $576 million, or $662.4 million if the underwriters fully exercise their option [7] - The net proceeds from the note offering are estimated at approximately $582.9 million, or $670.4 million if the over-allotment option is fully exercised [7] - Proceeds will be used for certification and manufacturing efforts, preparation for commercial operations, and general working capital [7] Group 4: Capped Call Transactions - Joby has entered into capped call transactions to cover the number of shares underlying the notes, with an initial cap price of $22.70 per share, representing a 100% premium over the public offering price [9][10] - These capped call transactions are expected to reduce potential dilution to Joby's common stock upon conversion of the notes [10]

Core Viewpoint - Realty Income Corporation has successfully closed a private offering of $862.5 million in convertible senior notes, which will be used for various corporate purposes, including debt repayment and property acquisitions [1][2]. Group 1: Offering Details - The offering consists of $862.5 million aggregate principal amount of 3.500% convertible senior notes due 2029, which includes a previously announced offering of $750 million and an additional $112.5 million option exercised by initial purchasers [1]. - The net proceeds from the offering are approximately $845.5 million after deducting discounts, commissions, and estimated offering expenses [2]. Group 2: Use of Proceeds - Realty Income plans to use the majority of the net proceeds for general corporate purposes, which may include repaying or repurchasing existing indebtedness, including $500 million of outstanding 5.050% senior notes due January 13, 2026 [2]. - Approximately $101.9 million of the net proceeds was used to repurchase about 1.8 million shares of common stock concurrently with the pricing of the offering [2]. Group 3: Company Overview - Realty Income, known as "The Monthly Dividend Company," is an S&P 500 company with a portfolio of over 15,500 properties across the U.S., the U.K., and seven other European countries [4]. - The company has a history of increasing dividends, with 133 dividend increases since its NYSE listing in 1994, and is recognized as a member of the S&P 500 Dividend Aristocrats index for over 30 consecutive years of dividend increases [4].

Core Viewpoint - Realty Income Corporation plans to offer $750 million in convertible senior notes due 2029, with an option for initial purchasers to buy an additional $112.5 million [1][2]. Group 1: Offering Details - The notes will be senior, unsecured obligations, accruing interest payable semi-annually and maturing on January 15, 2029 [2]. - Noteholders can convert their notes under certain conditions, with conversions settled in cash and potentially shares of common stock [2]. - Realty Income can redeem the notes prior to maturity to maintain its status as a real estate investment trust for tax purposes [3]. Group 2: Corporate Events and Repurchase Rights - In the event of a "fundamental change," noteholders may require Realty Income to repurchase their notes for cash at the principal amount plus accrued interest [4]. Group 3: Use of Proceeds - The majority of net proceeds will be used for general corporate purposes, including repaying existing debt, property acquisitions, and share repurchases [6]. - Realty Income plans to repurchase shares of its common stock concurrently with the pricing of the offering, which may influence the trading price of its common stock [6]. Group 4: Company Overview - Realty Income, known as "The Monthly Dividend Company," has a portfolio of over 15,500 properties across the U.S. and other countries, and has a history of increasing dividends for over 30 consecutive years [9].

Core Insights - Energy Fuels Inc. is a leading U.S. company in uranium and rare earth elements production, focusing on low-cost mining operations and expanding into rare earth production [1] Financial Performance - For Q3 2025, the company reported an EPS of -$0.07, better than the estimated -$0.08, with revenues of $17.71 million, exceeding expectations of $13.67 million and significantly up from $4.04 million in the same period last year [2][6] - The increase in revenue is attributed to a rise in uranium sales and successful low-cost mining operations, alongside the completion of a rare earth pilot production yielding 29 kilograms of dysprosium oxide [3] Strategic Financial Moves - Energy Fuels completed a $700 million convertible senior notes offering, enhancing its working capital to nearly $1 billion, which strengthens its liquidity position with a current ratio of about 11.50 [4][6] - Despite a negative P/E ratio of approximately -34.87, the company maintains a strong liquidity position, with a price-to-sales ratio of about 49.66, indicating investor confidence [5]

Core Points - Ramaco Resources, Inc. plans to offer $300 million in convertible senior notes due 2031, with an option for underwriters to purchase an additional $45 million for over-allotments [1][2] - Concurrently, Goldman Sachs and Morgan Stanley will facilitate a separate offering of Ramaco's Class A common stock to hedge transactions related to the notes offering [2][3] - The completion of both offerings is interdependent, meaning the notes offering is contingent on the successful completion of the concurrent stock offering [2][3] Company Overview - Ramaco Resources, Inc. operates and develops metallurgical coal in southern West Virginia and southwestern Virginia, and is also involved in producing coal, rare earth elements, and critical minerals in Wyoming [4] - The company has four active metallurgical coal mining complexes in Central Appalachia and is in the initial stages of production for a rare earth and coal mine near Sheridan, Wyoming [4]

Core Viewpoint - SEI has announced a proposed offering of $600 million in convertible senior notes due in 2031, aimed at repaying a term loan, funding growth initiatives, and purchasing a capped call [1] Group 1 - The offering is intended to repay an existing term loan, which indicates a strategy to improve the company's financial position [1] - The funds raised will also be allocated towards growth initiatives, suggesting a focus on expansion and investment in future opportunities [1] - Additionally, the company plans to use part of the proceeds to purchase a capped call, which may serve as a financial strategy to enhance shareholder value [1]

Core Viewpoint - Energy Fuels Inc. has announced the pricing of $600 million in 0.75% Convertible Senior Notes due 2031, increasing the offering size from a previously announced $550 million, aimed at qualified institutional buyers [1][2]. Offering Details - The offering includes an option for initial purchasers to buy an additional $100 million in notes within a 13-day period after issuance [2]. - The notes will mature on November 1, 2031, and will accrue interest at a rate of 0.75% per year, with interest payments starting on May 1, 2026 [3]. Use of Proceeds - Energy Fuels estimates net proceeds of approximately $578.1 million, or $674.6 million if the additional notes option is fully exercised. These funds will be used for: 1. Covering approximately $45.9 million for capped call transactions [4]. 2. Funding development expenditures for the Phase 2 rare earth separations circuit expansion at the White Mesa Mill [4]. 3. Supporting the Donald heavy mineral sands and rare earth project in Australia [4]. 4. General corporate needs and working capital [4]. Conversion Features - The notes are convertible into cash, common shares, or a combination thereof, with an initial conversion rate of 49.1672 common shares per $1,000 principal amount, equating to a conversion price of approximately $20.34 per share, representing a 32.5% premium over the last reported sale price [5]. Redemption Terms - Energy Fuels may not redeem the notes before November 6, 2028, except under specific tax law changes. After this date, redemption is possible if the common shares' price exceeds 130% of the conversion price for at least 20 trading days [6]. Fundamental Change Clause - In the event of a "fundamental change," Energy Fuels is required to offer to repurchase the notes at 100% of the principal amount plus accrued interest [7]. Capped Call Transactions - Energy Fuels has entered into capped call transactions to mitigate potential dilution from the notes, with an initial cap price of $30.70, representing a 100% premium over the last reported sale price [8][9]. Market Impact - The establishment of hedges related to the capped call transactions may influence the market price of common shares and the trading price of the notes [10][11]. Company Overview - Energy Fuels is a leading U.S. producer of uranium and critical minerals, operating the only fully licensed conventional uranium processing facility in the U.S. and involved in various projects related to rare earth elements and heavy mineral sands [16].

Core Viewpoint - Enovix Corporation plans to offer $300 million in Convertible Senior Notes due 2030, with an option for an additional $60 million, to qualified institutional buyers under Rule 144A of the Securities Act [1][2] Group 1: Offering Details - The Notes will be unsecured obligations of Enovix, accruing interest payable semiannually, and convertible into cash, shares of common stock, or a combination thereof at the company's discretion [2] - The interest rate and initial conversion rate will be determined at the time of pricing the Offering [2] - The Offering is subject to market conditions, and there is no assurance regarding its completion or terms [1] Group 2: Use of Proceeds - A portion of the net proceeds will be used to cover costs associated with capped call transactions [3] - Remaining proceeds are intended for general corporate purposes, including potential acquisitions, although no current commitments exist [4] - The company is in preliminary discussions with potential acquisition targets that could enhance battery adoption and generate long-term revenue synergies [4] Group 3: Capped Call Transactions - Enovix plans to enter into capped call transactions to offset the dilutive impact of the Notes, with expirations occurring at various intervals post-issuance [5] - These transactions will not fully offset the actual dilutive impact of the Notes upon conversion [5] - Initial hedging activities related to these transactions may influence the market price of Enovix common stock and the trading price of the Notes [6][7] Group 4: Regulatory Considerations - The Notes and any shares issued upon conversion have not been registered under the Securities Act and cannot be offered or sold in the U.S. without registration or an exemption [9] - This announcement does not constitute an offer to sell or a solicitation to buy any securities [10]

Core Viewpoint - Ligand Pharmaceuticals has announced a private placement of $400 million in 0.75% convertible senior notes due 2030, with an option for initial purchasers to buy an additional $60 million in notes, expected to close on August 14, 2025 [1][3]. Summary by Sections Offering Details - The notes will be general unsecured, senior obligations of Ligand, accruing interest at 0.75% per annum, payable semiannually starting April 1, 2026, and maturing on October 1, 2030 [2][3]. - Ligand estimates net proceeds from the offering to be approximately $386.9 million, or $445.1 million if the additional notes option is fully exercised [3]. Use of Proceeds - Approximately $39.9 million of the net proceeds will be used for convertible note hedge transactions, and $15 million will be allocated for repurchasing 102,034 shares of common stock at $147.01 per share [3][12]. - Remaining proceeds will be used for general corporate purposes, including potential investments in complementary businesses, although no commitments currently exist [3]. Conversion and Redemption - Holders can convert their notes under certain conditions before July 1, 2030, and thereafter until the second trading day before maturity [4]. - Upon conversion, Ligand will pay cash up to the principal amount and may pay the remainder in cash, shares, or a combination [5]. - The initial conversion rate is set at 5.1338 shares per $1,000 principal amount, equating to a conversion price of approximately $194.79 per share, representing a 32.5% premium over the last reported sale price [5]. Redemption Terms - Ligand may redeem the notes starting October 6, 2028, if the stock price meets certain conditions, at a redemption price equal to 100% of the principal amount plus accrued interest [6]. Fundamental Change and Hedges - In the event of a fundamental change, holders may require Ligand to repurchase their notes at 100% of the principal amount plus accrued interest [7][8]. - Ligand has entered into convertible note hedge transactions to reduce potential dilution upon conversion and has also issued warrants that could have a dilutive effect if the stock price exceeds the strike price of $294.02 per share [9][10]. Company Overview - Ligand Pharmaceuticals focuses on supporting the clinical development of high-value medicines through financing and licensing technologies, aiming to create a diversified portfolio of biotech and pharmaceutical revenue streams [16].

Core Viewpoint - MARA Holdings, Inc. plans to offer $850 million of 0.00% convertible senior notes due 2032, with an option for an additional $150 million, subject to market conditions [1][2] Group 1: Offering Details - The notes will be unsecured and are not expected to bear regular interest, with special interest payable semi-annually starting February 1, 2026 [2] - The notes will mature on August 1, 2032, and can be redeemed by MARA starting January 15, 2030, under certain conditions [2] - Holders can require MARA to repurchase their notes on January 4, 2030, if the stock price is below the conversion price [2] Group 2: Use of Proceeds - MARA intends to use up to $50 million of the net proceeds to repurchase existing 1.00% convertible senior notes due 2026, with the remainder for capped call transactions, acquiring bitcoin, and general corporate purposes [3] Group 3: Market Impact - The repurchase of the 1.00% 2026 convertible notes may lead to significant market activity as hedged holders unwind their positions, potentially affecting MARA's stock price [4] - Capped call transactions are expected to reduce dilution upon conversion of the notes and offset cash payments exceeding the principal amount [5] Group 4: Regulatory Compliance - The notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act, and the offering has not been registered under the Securities Act [7]