🔴 Adaptive Biotechnologies Corp is trading 4.4% down today on business split and $250M convertible notes offering

Adaptive Biotechnologies Corp is trading 4.4% down at $16.69 today after announcing a major business restructuring and a $250 million private financing plan.

• The company will separate its MRD cancer-testing diagnostics business from its Immune Medicine drug-discovery arm to streamline its strategic focus.
• A $250 million private offering of convertible senior notes due 2031 was launched, raising investor concerns regarding potential equity dilution.
• Shares saw a sharper decline of 7–9% in extended trading sessions as the market reassessed the risks associated with the new corporate structure.