🔴 Moderna is trading 6% down today after upsized $2.6 billion note offering raises dilution concerns

Moderna is trading 5.59% down at $134.79 after pricing an upsized $2.6 billion private placement of convertible senior notes due 2032, raising dilution concerns. - The offering includes a $400 million purchase option; dilution concerns appear to outweigh the FDA’s August 27 approval of updated 2026–2027 COVID-19 vaccines. - Selling remains active, extending retreat from August 19's $174.38 close, with the financing being the clearest catalyst.