Summary by Moomoo AI
Snap Inc. has announced the initiation of privately negotiated repurchase transactions with certain holders of its outstanding convertible senior notes. On February 12, 2024, the company agreed to repurchase approximately $100.0 million aggregate principal amount of its 0.25% Convertible Senior Notes due in 2025 for around $97.8 million, and approximately $351.2 million aggregate principal amount of its 0.75% Convertible Senior Notes due in 2026 for about $336.4 million. These amounts include accrued and unpaid interest. The final repurchase price is subject to adjustment based on the volume weighted average price of Snap Inc.'s Class A common stock during a specified measurement period. The settlement of these repurchases is expected to occur on February 14, 2024. The company's forward-looking statements in the report indicate expectations regarding the repurchase prices and the settlement date, while also acknowledging the risks and uncertainties inherent in such forward-looking statements.