JWCA advises impinj on its upsized $190 million convertible and capped call transaction 

September 2025 | read press release

Transaction Background

Impinj Inc. (“Impinj” or the “Company”) successfully raised $190 million (inclusive of greenshoe) in the convertible market at highly attractive terms (0.00% coupon and 37.5% conversion premium), while exchanging ~$190mm (~66%) of its outstanding 2027 convertible notes

The Company opportunistically raised capital at a very low cost while also taking advantage of the past month’s 25+% stock gain

Impinj’s objectives included:

  • Mitigate potential increased dilution-risk on the 2027 convertible and optimize capital structure

  • Protect against future equity dilution through a derivative overlay

JWCA provided extensive analysis on deal structuring and related items, including:

  • Refinancing roadmap, tactics and analysis

  • Convertible and derivative overlay structuring and tax implications

  • Convertible and capped call documentation to ensure maximum value and future efficiency/flexibility for the company

  • Execution timing and shareholder messaging

JWCA designed and ran a capped call auction process to achieve competitive terms

JWCA provided advice, support and analysis throughout the execution process

Results

Impinj’s convertible transaction was very well received by investors:

  • The transaction was multiple times oversubscribed, reflecting strong investor interest and demand in the Company’s convertible bond offering, ultimately leading to the deal being upsized

  • The 37.5% conversion premium priced outside of the marketed premium range (30.0 – 35.0%) to the Company's benefit

The Company simultaneously exchanged ~$190mm of its 2027 convertible notes (~66% of outstanding) at a minimal premium to the current bond trading price, delivering par value in cash and value above par in shares

Capped call auction process produced meaningful savings for Impinj, driving economics in the Company's favor