10:46 AM EST, 11/12/2024 (MT Newswires) -- Upstart Holdings ( UPST ) said Tuesday that it plans to offer $425 million aggregate principal amount of convertible senior notes due 2030 to qualified institutional investors through a private offering.

The company said it plans to grant initial buyers a 13-day option to purchase up to an additional $75 million principal amount of the notes.

Upstart said the offering remains subject to market conditions and other factors, and proceeds will be used for general corporate purposes.

Upstart shares dropped nearly 12% in recent trading.

Price: 68.21, Change: -9.27, Percent Change: -11.97