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Why Luminex Shares Are Tumbling 13.5% Today

Todd Campbell, The Motley Fool
·2 min read
Why Luminex Shares Are Tumbling 13.5% Today

Shares in Luminex Corporation (NASDAQ: LMNX) are trading 13.5% lower as of 3:05 p.m. EDT on Friday after the company announced the pricing of its offering of $260 million of 3% convertible senior notes due 2025. The conversion rate on the healthcare company's senior notes is 22.8918 shares of common stock per $1,000 principal amount of convertible notes, which is equivalent to an initial conversion price of $43.68 per share. Luminex is using $34.7 million of the proceeds to pay for its hedges and the remaining money will go to its balance sheet for general use.

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