Exhibit 99.1
Impinj, Inc. Announces Proposed Private Offering of $225 Million of Convertible Senior Notes Due 2027
SEATTLE – November 1, 2021 – Impinj, Inc. (Nasdaq: PI) a leading RAIN RFID provider and Internet of Things pioneer, today announced its intention to offer, subject to market conditions and other factors, $225 million aggregate principal amount of Convertible Senior Notes due 2027 (the “notes”) in a private offering (the “offering”) to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Impinj also expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $33.75 million aggregate principal amount of the notes.
The notes will be senior, unsecured obligations of Impinj, and will bear interest payable semi-annually in arrears. The notes will be convertible into cash, shares of Impinj’s common stock or a combination thereof, at Impinj’s election. The interest rate, conversion rate and other terms of the notes are to be determined upon pricing of the offering.
Impinj intends to use a significant portion of the net proceeds of the offering of the notes to repurchase for cash a portion of the aggregate principal amount of its outstanding 2.00% convertible senior notes due 2026 (the “2026 notes”) through individual privately negotiated transactions concurrently with the offering of the notes (collectively, the “2026 Note Repurchase”). Impinj intends to use the remainder of the net proceeds from the offering of the notes for general corporate purposes.
In connection with the 2026 Note Repurchase, holders of the 2026 notes may enter into or unwind various derivatives with respect to Impinj’s common stock (including entering into derivatives with one or more of the initial purchasers in the offering of the notes or their respective affiliates) and/or purchase shares of Impinj’s common stock concurrently with or shortly after the pricing of the notes. The 2026 Note Repurchase, and the potential related market activities by selling holders of the 2026 notes (such as purchases of shares of Impinj’s common stock), could increase (or reduce the size of any decrease in) the market price of Impinj’s common stock, which may also affect the trading price of the notes at that time. Such activity could affect the market price of Impinj’s common stock concurrently with the pricing of the notes, and could result in a higher effective conversion price for the notes. Impinj cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes offered or Impinj’s common stock.
The notes will only be offered to qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum. Neither the notes nor the shares of Impinj’s common stock potentially issuable upon conversion of the notes, if any, have been, or will be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
About Impinj
Impinj (NASDAQ: PI) helps businesses and people analyze, optimize, and innovate by wirelessly connecting billions of everyday things – such as apparel, automobile parts, luggage, and shipments – to the Internet. The Impinj platform uses RAIN RFID to deliver timely data about these everyday things to business and consumer applications, enabling a boundless Internet of Things.
