Impinj, Inc. announced the pricing of $170 million aggregate principal amount of 0% Convertible Senior Notes due 2029 in a private offering, an increase from the previously announced offering size of $150 million. The company also granted initial purchasers an option to buy up to an additional $20 million aggregate principal amount of notes.
The net proceeds from the offering are estimated to be approximately $164.2 million, or $183.6 million if the additional option is fully exercised. Impinj intends to use these proceeds, along with cash on hand, to exchange $190.0 million of its outstanding 1.125% Convertible Senior Notes due 2027 for approximately $190.5 million in cash and 0.8 million shares of common stock.
The notes will mature on September 15, 2029, and will not bear regular interest. The initial conversion price is approximately $267.39 per share, representing a 37.50% premium to the last reported sale price of $194.47 per share on September 3, 2025. Impinj also entered into capped call transactions to reduce potential dilution to its common stock upon conversion and/or offset cash payments in excess of the principal amount of converted notes.
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