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Snap Eyes $750 Million Convertible Bond Offering in ‘Strategic Move’

  • Internal memo penned by CEO Evan Spiegel lays out future plans
  • Shares surged post earnings print, showing jump in daily users
Snap Inc. Applications Ahead Of Earnings Figures
Photographer: Daniel Acker/Bloomberg

Snap Inc. launched a $750 million convertible offering Thursday morning in what was characterized as a “strategic move” by company co-founder and Chief Executive Officer Evan Spiegel.

That’s the second set of bonds with an embedded stock option issued in the past year, echoing its $1 billion-plus capital raise via convertible paper in August.