VIENNA (Reuters) – Shares in AMS (AMS.S) fell by 11% on Wednesday following news the sensor maker, best known as a supplier to Apple (AAPL.O), was seeking approval for a capital raise.
FILE PHOTO: The logo of sensor specialist AMS is seen during the annual news conference to present the results for 2019 in Zurich, Switzerland February 11, 2020. REUTERS/Arnd Wiegmann
AMS supplies sensors for Apple face recognition technology on iPhones and is in the process of buying Osram (OSRn.DE), the leading manufacturer of car headlamps, for up to $5 billion as it seeks a new sales outlet in the auto industry.
Its shares have lost nearly half their value this year as investors worry about the impact of the coronavirus pandemic and the company’s level of debt.
After an earlier 11% fall, the Zurich-listed shares were down 9.9% at 12.80 Swiss francs at 1415 GMT and were the biggest decliner in the sector .SX8P.
To refund a 4.4 billion euro ($4.8 billion) bridge loan, provided by UBS (UBSG.S),…
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