The Firm represented Axon Enterprise, Inc. (“Axon”) in connection with the offering of $690 million aggregate principal amount of 0.50% Convertible Senior Notes due 2027, which includes the full exercise of the initial purchasers’ option to purchase additional notes. Axon used the net proceeds to pay the cost of certain convertible note hedge transactions (after such cost is partially offset by the proceeds to Axon from the sale of warrants in certain warrant transactions). Axon intends to use the remaining net proceeds for general corporate purposes, which may include, among other things, providing capital to support growth and acquiring or investing in product lines, products, services or technologies.
The Firm also represented Axon in related convertible bond hedge transactions and warrant transactions, entered into concurrently with such notes offering.
Axon (NASDAQ: AXON) is a technology leader in global public safety. Axon is building the public safety operating system of the future by integrating a suite of hardware devices and cloud software solutions that lead modern policing. Axon's suite includes TASER energy devices, body-worn cameras, in-car cameras, cloud-hosted digital evidence management solutions, productivity software and real-time operations capabilities. Axon's growing global customer base includes first responders across international, federal, state and local law enforcement, fire, corrections and emergency medical services, as well as the justice sector, commercial enterprises and consumers.
The Simpson Thacher team included Roxane Reardon, Lia Toback, Bethany Wong and Nicole Papsco (Capital Markets); Jonathan Lindabury, Nathan Utterback and Danielle Robinson (Derivatives); Jonathan Goldstein, Michael Mann and Edward Grais (Tax); Jessica Cohen and Suyoung Jang (Intellectual Property);
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Jeanne Annarumma and Charles Pfeifer (Executive Compensation and Employee Benefits).