Robinhood closes $2.2B zero-coupon convertible note offering; repurchases $290M in stock

Robinhood Markets, Inc.

Issued $2.2B aggregate principal of 0.00% convertible senior notes due 2029 in private placement.
Initial conversion price ~$174.42/share, a 65% premium over June 22, 2026 closing price.
Used ~$290M of net proceeds to repurchase 2.743M shares at $105.71/share.
Entered capped calls with initial cap ~$237.85/share; no net dilution expected until share price exceeds ~$237.85.
After factoring share repurchase, no net dilution until share price exceeds $303.95 (154% above closing).

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