secwatch.observer — SEC 8-K summary
======================================

Issuer:     Snap Inc (SNAP)
CIK:        0001564408
Form:       8-K
Filed at:   2022-02-11T23:59:59+00:00
Accession:  0001193125-22-037163
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Snap issues $1.5B 0.125% convertible notes due 2028 and enters capped calls
---------------------------------------------------------------------------

- Issued $1.3B in 0.125% convertible senior notes due 2028; underwriters exercised $200M option for total $1.5B.
- Notes convertible at 17.7494 shares per $1,000 principal (initially $56.34/share); conversion conditions include 130% stock price threshold.
- Entered capped call transactions to reduce dilution; cap price $93.90 per share (150% above Feb 8 close of $37.56).
- Snap may redeem notes on/after March 5, 2025 if stock price exceeds 130% of conversion price for 20 of 30 trading days.
- Holders can require repurchase at 100% principal plus interest upon a fundamental change.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1564408/000119312522037163/0001193125-22-037163-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1564408/000119312522037163/d311905d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-037163

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer