Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
The latest announcement is out from Cerence ( (CRNC) ).
Cerence Inc. announced the repurchase of approximately $27 million of its 3.00% Convertible Senior Notes due 2025 through privately negotiated transactions, utilizing cash reserves to buy the Notes at a price below par. This strategic move is aimed at reducing interest expenses, preventing potential dilution, and optimizing the company’s balance sheet, all while demonstrating confidence in its future and commitment to shareholder value. Additionally, Cerence plans to terminate its undrawn $50 million revolving credit facility, further saving on commitment fees.
More about Cerence
Cerence Inc. is a global leader in artificial intelligence for the transportation industry, specializing in creating AI-powered experiences that enhance the safety, connectivity, and enjoyment of journeys for drivers and passengers. The company partners with leading automakers and technology firms to advance user experiences and has its technology integrated into over 500 million vehicles worldwide.
YTD Price Performance: -60.99%
Average Trading Volume: 3,247,008
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $329.7M
See more insights into CRNC stock on TipRanks’ Stock Analysis page.
