ALM is trading 5% down at $14.44 as the stock continues to drift lower following a sharp selloff tied to its recently announced $700 million convertible senior notes financing.
- The financing deal has raised significant dilution concerns and prompted hedge-related selling.
- Broader risk-off sentiment in equities and weakness in cyclicals are adding further pressure to the stock.
- A downturn in crypto markets is reinforcing negative sentiment for related names.