secwatch.observer — SEC 8-K summary
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Issuer:     UPWORK, INC (UPWK)
CIK:        0001627475
Form:       8-K
Filed at:   2021-08-10T23:59:59+00:00
Accession:  0001628280-21-016425
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1627475/000162828021016425/0001628280-21-016425-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1627475/000162828021016425/upwork-20210805.htm
  HTML page:      https://secwatch.observer/filing/0001628280-21-016425

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