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AI brief of an SEC Form 8-K · Onto Innovation (ONTO)

Onto Innovation issues $1.5 billion of 0.00% convertible notes due 2031

Neutral Impact 4 of 5 financing Written later

Onto Innovation issued $1.5 billion of 0.00% convertible senior notes maturing June 1, 2031, including a $200 million option that the initial purchasers exercised in full. The initial conversion price is about $381.80 per share, a premium of about 50% to the $254.53 share price on May 18, 2026, so conversion could dilute shareholders, and the company used part of the proceeds for a concurrent share repurchase and capped call transactions.

Key points

  • Issued $1.5 billion aggregate principal on May 21, 2026, including $200 million from the option exercised May 19, 2026
  • Notes carry no regular interest and mature June 1, 2031; initial conversion price is about $381.80 per share
  • About $205 million of proceeds is earmarked to repurchase about 0.8 million shares at $254.53 per share, with about $77.1 million used for capped calls

The filing

CompanyOnto Innovation (ONTO)
Form8-K, current report
Filed with the SECMay 21, 2026, 4:38 PM ET
Accession number0001193125-26-234610

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation3.02 Unregistered Equity Sale8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:17 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on May 21, 2026.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.