US stocks pre-market movement: Lumentum drops over 3% pre-market as 0.50% convertible senior notes due 2028 are converted to equity

Glonghui June 1｜Lumentum fell over 3% in pre-market trading after converting 0.50% convertible preferred notes due in 2028 into equity. The company stated that it will not receive any cash from the transaction, but will cancel the exchanged debt. The transaction is expected to be completed around Thursday, after which about $172.2 million worth of convertible notes will remain outstanding. The company added that this exchange will result in a slight additional dilution of approximately 800,000 shares related to the principal amount.