SentinelOne slides on planned $1.25 bln convertible offering

By Reuters News

** Cybersecurity platform SentinelOne's S.N shares slide 9% before the bell to $23.35 on capital raise plans

** S announces private offering of $1.25 bln 0% convertible bonds (CBs) due 2031

** Co intends to use net proceeds for general corp purposes, stock buybacks, working capital, capex, potential acquisitions

** It also intends to use some proceeds to pay cost of capped call transactions to mitigate dilution, and repurchase $150 mln of its shares from investors in the CBs

** Mountain View, California-based firm has nearly $9 bln market cap

** At Mon close, stock surged ~71% YTD

** 19 of 37 analysts rate the stock "strong buy" or "buy", 18 "hold"; median PT of $25 up from $19 three months ago, per LSEG

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