Snowflake shares dropped nearly 3% in extended trading after announcing a $2B convertible note offering. The offering includes $1B in 2027 notes and $1B in 2029 notes, with an option for up to $150M additional in each. The company plans to use the proceeds to repurchase up to $575M in common stock and for general corporate purposes. Snowflake shares rose 2.7% earlier in the day but are down 40% year-to-date.
