Axon exchanges $407.5M of convertible notes for cash and ~1.0M shares; close expected March 13

AXON ENTERPRISE, INC.

Exchange of ~$407.5M principal of 0.50% convertible notes due 2027 for cash and shares based on VWAP.
Assuming $499.31 VWAP, Axon expects to issue ~1.0M shares of common stock.
After closing (expected March 13, 2025), ~$282.5M aggregate principal of Notes remain outstanding.
Hedged holders may unwind positions by buying stock or using derivatives, potentially affecting market price.

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