AeroVironment stock drops 11% on offering plan to pay off debt
An image of a Quantix drone made by AeroVironment. AeroVironment shares fell 11% Tuesday after the defense contractor said it plans to offer $750 million in common stock and $600 million in convertible senior notes due in 2030 to repay debt. The drone maker said it would use leftover funding for general purposes such as boosting manufacturing capacity. AeroVironment shares have soared 85% this year, ballooning its market value to about $13 billion. Last week, shares of the Arlington, Virgini