Business
Why the Afterpay (ASX:APT) share price is sinking 14% today
The Afterpay Ltd (ASX: APT) share price has returned from its trading halt on Friday.
At the time of writing, the payments company’s shares are down 14% to $116.00.
Why was the Afterpay share price in a trading halt?
Following the release of its half year results yesterday, Afterpay requested a trading halt so it could undertake a capital raising.
This morning the company announced the completion of the capital raising and revealed that strong demand led to management upsizing it.
According to the release, the company has raised $1.5 billion via an unsecured zero coupon convertible notes offering. This compares to its original target of $1.25 billion.
These notes are due 2026 and are convertible into fully paid ordinary Afterpay…
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