Axon Enterprise priced $1.0 billion of 0% convertible senior notes due September 15, 2031, replacing its earlier proposal with final terms that set an initial conversion price of approximately $652.06 per share. Underwriters have an 11-day option to buy up to $150 million of additional notes, and the offering is expected to settle September 18, subject to customary conditions. Axon expects net proceeds of about $986.0 million, or $1.1343 billion if the option is fully exercised. It plans to spend $99.9 million of proceeds on capped call transactions, with the balance designated for corporate purposes, growth, acquisitions and investments. The capped calls have an initial $1,049.94 cap price and are intended to reduce conversion-related dilution, subject to that cap. The financing follows a nearly 10% decline in Axon shares after the initial announcement, against investor scrutiny of negative free cash flow despite 35% quarterly revenue growth.