Alpha Teknova tumbles on planned stock offering
TKNO•Alpha Teknova shares fell 24% after market to $5.60 as the company launched a stock offering without disclosing its size. It expects to use the proceeds for general corporate purposes, including potential debt repayment and possible acquisitions or investments.
1. Offering details
Alpha Teknova launched an offering of common stock, with TD Cowen and William Blair as joint bookrunners. The company said it may use some proceeds to acquire or invest in other businesses, products and technologies.
2. Preliminary results
The company estimates third-quarter revenue of $12.5 million to $12.7 million and a net loss of $3.49 million to $3.69 million. It reported $16.6 million of cash and short-term investments as of September 30. Shares had closed Tuesday up 8.7% at $7.39 and were up about 94% year to date.
