Stock Update (NASDAQ:PDLI): PDL BioPharma Announces Conversion Rate Adjustment for Convertible Note
PDL BioPharma, Inc. (NASDAQ:PDLI) today announced that the adjusted conversion rate for the 3.75% Convertible Senior Notes due May 1, 2015 (May 2015 Notes), is 174.8506 shares of common stock per $1,000principal amount or approximately $5.72 per share, effective March 3, 2015.
The conversion rate for the note is adjusted in connection with the regular quarterly dividend of $0.15 to be paid on March 12, 2015, to all stockholders who own shares of PDL on March 5, 2015, the record date.
May 2015 Notes
The conversion rate for the May 2015 Notes was previously 171.1768 shares of common stock per $1,000 principal amount of the May 2015 Notes. In connection with a cash dividend, the conversion rate is increased by multiplying the previous conversion rate by a fraction, the numerator of which is the average closing price of PDL’s common stock for the 10 consecutive trading days immediately preceding the ex-dividend date of March 3, 2015, for the cash dividend, and the denominator of which is such average closing price minus the per share dividend amount.
Shares of PDL BioPharma Inc opened today at $7.07 and are currently trading down at $6.96. PDLI has a 1-year high of $10.26 and a 1-year low of $6.52. The stock’s 50-day moving average is $7.15 and it’s 200-day moving average is $7.74.
PDL BioPharma Inc is engaged in the discovery of a new generation of targeted treatments for cancer & immunologic diseases. It focuses on intellectual property asset management, investing in new royalty bearing assets & maximizing value of its patent.