Xpeng Inc
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Consumer Discretionary : Automobiles | Large Cap Growth
Based in China
Company profile

Xpeng Inc is a China-based company engaged in design, development, production and sales of smart electric vehicles (Smart EV). The Company's primary products are environmentally friendly vehicles, namely an SUV (the G3) and a four-door sports sedan (the P7). The Company’s Smart EVs primarily target the mid- to high-end segment in China’s passenger vehicle market. The Company aims developing full-stack autonomous driving technology, in-car intelligent operating system and core vehicle systems in-house through the its proprietary software, core hardware and data technologies. The Company sells its vehicle products under the brand Xpeng. It also provides a range of services to the clients, including supercharging service, maintenance service, ride-hailing service and vehicle leasing service.

This security is an American depositary receipt
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Last Trade
-0.06 (-0.60%)
B/A Size

Market Hours

Closing Price
Day's Change
-0.84 (-7.77%)
B/A Size
Day's High
Day's Low

10-day average volume:

Carnival stock dives after private sale of $1 billion in convertible debt

7:56 am ET November 17, 2022 (MarketWatch)

By Tomi Kilgore

Cruise operator's offering follows a 4-day stock rally of 30%, and a 75% surge off the 30-year low on Oct. 10

Shares of Carnival Corp. pulled back sharply on heavy volume Wednesday, after the cruise operator took advantage of a recent big rally to commence a private offering of debt that can be converted into common stock.

The company said late Tuesday that the offering of the $1 billion principal amount of convertible senior notes due 2027 was part of its 2024 refinancing plan. Carnival then announced overnight the pricing of the 5.75% notes.

Carnival's stock (CCL) took a 13.7% dive to $9.63, after closing Tuesday at a three-month high. Trading volume swelled to 124.5 million shares, compared with the average full-day volume over the past 30 days of 66.8 million shares.

The offering comes after the stock had soared 30.4% amid a four-day win streak through Tuesday, and after it had rocketed 74.9% off the 30-year closing low of $6.38 on Oct. 10.

The initial conversion rate per $1,000 principal amount of notes is equivalent to 74.6714 shares of common stock. That's equivalent to a conversion price of $13.39 a share, a 20% premium to Tuesday's closing price of $11.16.

The $1 billion offering represents about 9.3% of Carnival's market capitalization of about $10.72 billion at Wednesday's close.

Before Sept. 1, 2027, the notes will be convertible at the holder's option, upon satisfaction of certain conditions, into common stock, cash or a combination of both. After that date, the notes will be convertible at any time.

The company can redeem the notes for cash if Carnival's stock rises above $17.41 -- about 81% above Tuesday's close -- on or after Dec. 5, 2025.

Carnival's stock has dropped 8.8% over the past three months, while shares of rival cruise operators Royal Caribbean Group (RCL) have run up 43.7% and Norwegian Cruise Line Holdings Ltd. (NCLH) have rallied 27.5%. The S&P 500 index has declined 7.4% over the same time.

-Tomi Kilgore


(END) Dow Jones Newswires

November 17, 2022 07:56 ET (12:56 GMT)

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