Why Are Stem Shares Down 9%?

Shares of Stem Inc. (STEM) are slipping nearly 9% on Wednesday morning. STEM is currently trading at $22.49, down $2.18 or 8.84%, on the NYSE.

On Tuesday, after the bell, Stem announced its intention to offer $350 million of green Convertible Senior Notes due 2028 in a private offering.

Stem intends to use a portion of the proceeds to fund the cost of entering into the capped call transactions. Stem intends to allocate an amount equivalent to the proceeds to finance or refinance, in whole or in part, existing or new Eligible Green Expenditures of Stem, including investments related to creating a more resilient clean energy system, optimized software capabilities for energy systems, and reducing waste through operations.

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