Xometry (XMTR) announced plans to offer $225 million in Convertible Senior Notes due 2030 through a private placement to qualified institutional buyers. The company will grant initial purchasers an option for an additional $25 million in notes. The proceeds will be used to fund capped call transactions, repurchase up to $25 million of Class A common stock, and repurchase a portion of existing 2027 convertible notes. The notes will be convertible into cash, shares of Xometry's Class A common stock, or a combination thereof. The company is implementing capped call transactions to reduce potential dilution and offset cash payments beyond the principal amount. The offering includes complex hedging activities that could affect the stock price and conversion terms.