12:20 PM EDT, 03/26/2024 (MT Newswires) -- (Updates with Tuesday's stock price movement in the headline and first paragraph.)

Cardlytics ( CDLX ) shares were down almost 33% in recent Tuesday trading after the company announced a debt offering to raise $150 million.

The company plans to sell convertible senior notes due 2029 in a private offering.

Initial purchasers are expected to be granted the option to buy up to an additional $22.5 million of notes for settlement within 13 days from the issue date, according to the company.

Net proceeds will be used to repurchase a portion of Cardlytics' ( CDLX ) 1.00% convertible senior notes due 2025 and for general corporate purposes, including working capital, the company said.

Price: 13.60, Change: -6.65, Percent Change: -32.84