Taser maker Axon drops after unveiling $1 bln convertible debt deal

By Reuters News

** Public safety tech firm Axon Enterprise's AXON.O shares down 3.5% at $473 premarket as it looks to raise capital

** Maker of Tasers, body cameras and drones announces public offering of $1 bln 0% convertible bonds to mature Sept 15, 2031

** Co intends to use net offering proceeds for general purposes, including to support growth and for potential investments and acquisitions

** It also plans to use some proceeds for capped calls, derivative transactions employed to help mitigate potential dilution

** Goldman Sachs, Morgan Stanley, JP Morgan, RBC and Citigroup joint lead bookrunners for offering

** Scottsdale, Arizona-based AXON has roughly $40 bln market cap

** At Mon close, stock down ~14% YTD, lagging 7.5% advance in S&P 500 Industrials .SPLRCI

** 20 of 22 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $700, per LSEG

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