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Why Esperion Therapeutics Plummeted by 11% Today

·2 min read
Why Esperion Therapeutics Plummeted by 11% Today
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Esperion Therapeutics (NASDAQ: ESPR) had a day to forget on Monday as its stock lost more than 11% on news that a fresh stack of shares would be coming to the market. Esperion announced Monday morning that it has entered into a private agreement with two holders of its convertible senior subordinated notes to convert those securities into common stock. The number of shares those holders will receive in exchange for their notes "will be determined based upon the volume-weighted-average-price per share of Common Stock, subject to a floor of $5.62 per share, during the five trading-day averaging period, commencing on the trading day immediately following the date of the Exchange Agreement."