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Seagate Technology Holdings (NASDAQ:STX) is one of the best multibagger stocks to buy in 2026. On May 21, Seagate Technology and its subsidiary, Seagate HDD Cayman, have entered into private, separate exchange agreements with a limited number of noteholders. The agreements outline the exchange of $185.908 million in principal amount of Seagate HDD’s 3.50% Exchangeable Senior Notes due 2028.

The consideration for the transaction consists of $185.908 million in cash, along with a designated number of Seagate Technology Holdings (NASDAQ:STX) ordinary shares. The exact number of shares will be determined over a one-trading-day period beginning May 21.

Subject to customary closing conditions, the exchanges are expected to close on or about May 26, at which point the exchanged notes will be retired. Following the transaction, approximately $185.8 million in aggregate principal amount of the notes will remain outstanding with unchanged terms.

Seagate Technology Holdings (NASDAQ:STX) is a data storage and technology company that offers a portfolio of advanced storage solutions to hyperscale cloud providers, enterprises, and consumers.

While we acknowledge the potential of STX as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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