Axon Enterprise said it agreed with certain holders on March 6, 2025 to exchange about $407.5 million in principal of its 0.50% convertible senior notes due 2027 for cash and shares of common stock.

1. 01

   Axon Enterprise said it agreed with certain holders on March 6, 2025 to exchange about $407.5 million in principal of its 0.50% convertible senior notes due 2027 for cash and shares of common stock.

2. 02

   The company said the exchange consideration will consist of cash and shares, to be set over an averaging period beginning on March 7. Assuming a daily volume-weighted average price of $499.31 during that period, it expects to issue about 1.0 million shares.

3. 03

   The company said it expects the exchanges to close on or about March 13, 2025, and that about $282.5 million in principal of the notes will remain outstanding afterward. The cash portion will cover principal being exchanged, accrued and unpaid interest, and cash in lieu of fractional shares.

4. 04

   The company said the hedged holders are expected to unwind their hedges by buying its common stock or entering into derivative transactions, and that this activity may be substantial relative to the stock's historical average daily trading volume. The shares will be issued without registration under the exemption in Section 4(a)(2) of the Securities Act.

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Original filing

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