Upstart Holdings, Inc. (NASDAQ:UPST) saw its stock plummet by 7.71% on Monday as investors reacted negatively to its plan to raise $500 million through convertible senior notes. The notes will have a tenor of 7 years and can be converted into cash or shares of its common stock.

Proceeds from the offering will be used to cover offering costs and repurchase a portion of its outstanding 0.25% Convertible Senior Notes due 2026. The remaining balance will go towards general corporate purposes, potentially including debt repayment or retirement.

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Read more at Yahoo Finance: Upstart (UPST) Slashes 7.7% on $500-Million Fundraising Program