We simply cannot catch a break of late; everything we touch turns into (fool's) gold...
China Medical announces a Convertible Notes Offering driving down the stock 8%
- China Medical Technologies, Inc. (the "Company") (Nasdaq: CMED - News) today announced that it intends to offer, subject to market and other conditions, $150.0 million aggregate principal amount of convertible senior notes due 2013 and American Depositary Shares, or ADSs, which are being purchased by affiliates of the underwriters of the notes offering pursuant to ADS issuance and repurchase agreements with the Company.
- The Company intends to grant to the underwriters of the notes offering an option to purchase up to an additional $22.5 million aggregate principal amount of notes to cover over-allotments.
- The Company intends to use the net proceeds of the notes offering, after deducting underwriting discounts and offering expenses, for general corporate purposes and for the acquisitions of businesses, products and technologies that the Company believes will complement its existing business.
EDIT @ 11:30 AM: The stock has dropped all the way down to its 20 day moving average (-10% for the day) so I bought more there, the position is now up to a
3.8% allocation of the fund.
