Business
Top broker tips Zip (ASX:Z1P) share price to rocket higher
The Zip Co Ltd (ASX: Z1P) share price has returned from its trading halt and is sinking lower.
In afternoon trade, the buy now pay later (BNPL) provider’s shares are down 3% to $9.33.
Why is the Zip share price sinking today?
The Zip share price has come under pressure on Thursday after it surprised the market by launching another capital raising.
On this occasion, Zip followed the lead of rival Afterpay Ltd (ASX: APT) by raising $400 million via a convertible notes offering. These notes are due in 2028 and are convertible into fully paid ordinary shares of Zip at an initial conversion price of $12.39 per share.
The capital from the…
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