FuboTV rises as Reddit favorite prices $350 mln convertible debt deal
29/01/2021 13:02
** Shares of streaming platform fuboTV FUBO.N up ~5% at
$41.90 premarket after capital raise
** FUBO offers privately $350 mln 5-yr 3.25% convertible
senior notes urn:newsml:reuters.com:*:nBw5nF4dxa
** Co plans to use net offering proceeds for general corp
purposes, including business development, sales and marketing
activities, capex, debt repayment and potential acquisitions
** FUBO's shares fell ~15% on Thurs, snapping a 5-day
winning streak, but have surged recently amid social
media-driven trading frenzy that has forced hedge funds to cover
short positions
** Reddit group Wall Street Bets had FUBO this week among
most discussed short-squeeze candidates urn:newsml:reuters.com:*:nL4N2K23PL
** Shares of GameStop GME.N , front and center amid the
frenzy, AMC Entertainment AMC.N and Blackberry BB.N , and
shares of other Reddit favorites take off before the bell as
Robinhood and Interactive Brokers IBKR.O said they planned to
ease trading restrictions on Fri urn:newsml:reuters.com:*:nL4N2K432U urn:newsml:reuters.com:*:nL4N2K43X2
** FUBO shares are up 42% to start 2021, after more than
tripling last year
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))