The conversion rate adjustment increases potential future dilution if the stock trades above $32.33, but the absence of any conversions suggests bondholders see no immediate arbitrage. Monitor INDV stock price relative to the new conversion price for potential conversion activity.
Price Chart
How similar events traded
Executive Summary
Supernus reported that due to a Special Dividend declared on September 16, 2026, the conversion rate on its 0.625% Convertible Senior Notes due 2031 was adjusted from 24.0033 to 30.9355 shares per $1,000 principal, lowering the effective conversion price to approximately $32.33 per share. No bondholders converted their notes into common stock.
Key Facts
- Conversion rate on the 0.625% Convertible Senior Notes due 2031 increased from 24.0033 to 30.9355 shares per $1,000 principal due to a Special Dividend declared on September 16, 2026.
- New conversion price is approximately $32.33 per share.
- No bondholders converted their bonds for common stock.
- The adjustment is a customary anti-dilution provision under the Indenture dated March 17, 2026.
Financial Impact
Conversion rate adjustment reduces the conversion price from approximately $41.66 to $32.33 per share, but no conversions occurred; no immediate dilution.
Risk Factors
- If INDV stock trades above $32.33, bondholders may convert, causing dilution of approximately 0.7% of shares outstanding per $100M of notes (assuming $575M notes outstanding per prior filings).
- No bondholders converted despite the lower conversion price, indicating limited near-term conversion risk.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001625297-26-000030 |
| Document: 0001625297-26-000030-index-headers.html | 0001625297-26-000030 |
| Document: 0001625297-26-000030-index.html | 0001625297-26-000030 |
| Document: 0001625297-26-000030.txt | 0001625297-26-000030 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 3, 2026 1d ago | 8-K | $35.43 | awaiting T+5 | awaiting T+5 | No price |
Nov 2, 2026 2d ago | 8-K | $35.25 | awaiting T+5 | awaiting T+5 | No price |
Oct 29, 2026 6d ago | 425 | $35.25 | awaiting T+5 | awaiting T+5 | No price |
Oct 29, 2026 6d ago | 8-K | No price | awaiting T+5 | awaiting T+5 | No price |
Oct 29, 2026 6d ago | Press Release | $35.25 | awaiting T+5 | awaiting T+5 | No price |
Oct 20, 2026 15d ago | Institutional Cluster | $34.79 $34.72 | ▼ −0.20% | ▲ +0.24% | No price |
Oct 19, 2026 16d ago | Press Release | $33.87 | awaiting T+5 | awaiting T+5 | No price |
Oct 6, 2026 29d ago | 425 | $35.90 $35.42 | ▼ −1.34% | ▼ −1.20% | No price |
Oct 6, 2026 29d ago | 8-K | $35.90 $35.42 | ▼ −1.34% | ▼ −1.20% | No price |
Sep 30, 2026 5w ago | SC 13G | $35.38 $35.45 | ▲ +0.20% | ▼ −1.10% | No price |
US Market Status
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