GoKawiilZ.ai stock drops 10% after announcing $5 billion share and bond sale
Z.ai's shares fell more than 10% on Monday after the Beijing-based AI firm unveiled plans to raise roughly $5 billion, combining a discounted share placement worth about $2 billion with a $3 billion zero-coupon convertible bond offering due 2027. This is the company's second major capital raise in two months, following a $4 billion placement in July. Rival Chinese AI firm MiniMax also saw its shares slide about 5% the same day.