** AI cloud platform DigitalOcean's DOCN.N shares slide 8% to $30.43 in early trading
** DOCN announces offering of $500 million of convertible bonds due 2030 in a private offering
** Proceeds will be used to repurchase portion of its convertible bonds due 2026 and to pay cost of capped calls, derivative transactions to offset dilution
** With 91 million outstanding shares, DOCN has a nearly $3 billion market cap
** 8 of 13 brokerages rate the stock "buy" or higher and 5 "hold"; median PT $38.50 - data compiled by LSEG
** As of last close, DOCN stock down 3% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.