---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-21-016425"
form_type: "8-K"
ticker: "UPWK"
cik: "0001627475"
company_name: "UPWORK, INC"
filed_at: "2021-08-10T23:59:59+00:00"
generated_at: "2026-06-29T16:49:57.989239+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Upwork closes $575M 0.25% convertible notes offering, net proceeds ~$560M

## Summary
- Closed $575M aggregate principal of 0.25% Convertible Senior Notes due 2026; includes full exercise of $75M option.
- Initial conversion price $66.08/share (42.5% premium to $46.37 close); conversion rate 15.1338 shares per $1,000.
- Net proceeds ~$560.1M; used $49.4M for capped call offset; remainder for general corporate purposes.
- Notes mature Aug 15, 2026; interest payable semiannually; redeemable after Aug 20, 2024 under stock price condition.
- Capped call transactions with financial institutions expected to reduce dilution upon conversion.

## SEC filing metadata
- accession: 0001628280-21-016425
- form_type: 8-K
- ticker: UPWK
- cik: 0001627475
- company_name: UPWORK, INC
- filed_at: 2021-08-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1627475/000162828021016425/0001628280-21-016425-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1627475/000162828021016425/upwork-20210805.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-21-016425
- JSON: https://secwatch.observer/filing/0001628280-21-016425.json
- Plain text: https://secwatch.observer/filing/0001628280-21-016425.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.