Stock Alert : Chimera Investment Down 16%

Chimera Investment Corp (CIM) shares are sliding on Tuesday.

Today, the company announced a public offering of $250 million of convertible senior notes due 2023. The Notes will serve as senior unsecured obligations.

The company said, "The Company intends to use a portion of the net proceeds of the offering to pay the cost of the capped call transactions and the remainder to finance the acquisition of mortgage assets."

CIM gapped down at $7.88 at open. Currently, shares are at $6.82, down 16.26 percent from its previous close of $8.15. The shares have been on a bearish trend since the spread of COVID 19.

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