VNET (VNET) Slashes 9% on Notes Maturity Extension Concerns

We precocious published 10 Losing Stocks successful an Otherwise Optimistic Market. VNET Group Inc. (NASDAQ:VNET) was 1 of the worst performers connected Wednesday.

VNET Group extended its losing streak to a 3rd consecutive league connected Wednesday, shedding 9.38 percent to adjacent astatine $12.46 apiece arsenic capitalist sentiment was dampened by its inaugural to propulsion backmost the maturity day of its $250 cardinal convertible elder notes for different 7 months.

In a regulatory filing, VNET Group Inc. (NASDAQ:VNET) said that it entered into an amended statement with concern vehicles managed by Blackstone Tactical Opportunities, nether which the notes, which were expected to expire successful March 2027, volition present mature connected October 1, 2027, giving the institution other clip to repay the loan. The output complaint was maintained astatine 2 percent.

Under the agreement, each $1,000 worthy of notes tin beryllium converted into 90.91 American depositary shares, each representing six Class A shares.

The amended indebtedness statement followed changes to VNET Group Inc.’s (NASDAQ:VNET) Finance enactment team, with the institution welcoming Peter Zhihua Zhang arsenic elder vice president for operational concern effectual February 13. Zhang volition beryllium liable for the company’s fiscal operations and is authorized to reappraisal and o.k. the company’s fiscal statements and related filings.

“As a homegrown endowment who has grown and developed done aggregate cardinal positions crossed our concern operations, Peter embodies our beardown civilization of nurturing interior leaders. His heavy fiscal absorption expertise and extended organization cognition volition further fortify our strategical execution, supporting sustainable maturation and semipermanent worth creation,” said VNET Group Inc. (NASDAQ:VNET) interim CEO Josh Sheng Chen.

While we admit the imaginable of VNET arsenic an investment, our condemnation lies successful the content that immoderate AI stocks clasp greater committedness for delivering higher returns and person constricted downside risk. If you are looking for an highly inexpensive AI banal that is besides a large beneficiary of Trump tariffs and onshoring, spot our escaped study connected the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double successful 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This nonfiction is primitively published at Insider Monkey.