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

Issuer:     ONTO INNOVATION INC. (ONTO)
CIK:        0000704532
Form:       8-K
Filed at:   2026-05-21T20:38:49+00:00
Accession:  0001193125-26-234610
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Onto Innovation issues $1.5B of zero-coupon convertible notes due 2031, uses ~$205M for share repurchase
--------------------------------------------------------------------------------

- $1.5B aggregate principal of 0.00% convertible notes due 2031; initial conversion price ~$381.80/share (50% premium to May 18 close).
- Capped call transactions with initial cap price $509.06/share (100% premium to last sale) to offset dilution on conversion.
- Concurrent share repurchase of ~$205M (805,325 shares at $254.53/share) using part of net proceeds.
- Proceeds also used to fund ~$77.1M cost of capped calls and for general corporate purposes including acquisition of Rigaku Holdings.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/704532/000119312526234610/0001193125-26-234610-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/704532/000119312526234610/d17904d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-234610

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