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Get filing alertsPalo Alto Networks subsidiary elects combination settlement for convertible notes
Filed March 23, 2026 · Period ending March 23, 2026 · ~1 min read
Key Changes
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CyberArk (PANW subsidiary) will settle convertible note conversions with $1,000 cash per note plus shares for excess value, effective March 23, 2026, limiting cash outlay while preserving conversion rights.
Item 8.01 verify on EDGAR →
Summary
Palo Alto Networks disclosed that its subsidiary CyberArk Software has elected combination settlement for its 0.00% Convertible Senior Notes due 2030. Under this method, each $1,000 principal amount converted will be settled with $1,000 in cash, with any additional conversion value paid in shares. This election applies to all conversions on or after March 23, 2026.
For investors, this is a routine treasury management decision that caps the cash portion of conversions at par value while allowing noteholders to capture upside through equity. The combination method is common for convertible debt and balances the company's cash preservation with investor conversion rights. The filing is procedural, documenting a settlement election permitted under the existing indenture terms.
Section-by-Section Diff
Event · Item 8.01 — Other Events
Item 8.01 — Other Events filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On March 23, 2026, CyberArk notified holders of the Notes, the Trustee and the conversion agent that the Default Settlement Method will be Combination Settlement with a Specified Dollar Amount of $1,000 per $1,000 principal amount of Notes with respect to any conversion of Notes that occurs on or after March 23, 2026.
CyberArk Software Ltd., a subsidiary of Palo Alto Networks, has elected to settle conversions of its 0.00% Convertible Senior Notes due 2030 using combination settlement. Under this method, each $1,000 principal amount of notes converted will be settled with $1,000 in cash plus shares for any conversion value exceeding that amount. This election applies to all conversions occurring on or after March 23, 2026 and remains in effect until the company modifies the settlement method per the indenture terms.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify