RTTNews | Dec 16, 2021 10:50AM EST

10:49 Thursday, December 16, 2021 (RTTNews.com) - Shares of biodegradable materials maker Danimer Scientific, Inc. (DNMR) are down more than 17% Thursday morning.

Wednesday, the company announced its plan to offer $175 million of convertible senior notes due 2026.

In connection with the pricing of the notes, Danimer expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions.

Danimer intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions and the other portion for general corporate purposes.

DNMR touched a new low of $8.52 this morning, before edging up to $8.73 currently.

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