Codexis tumbles after starting stock offering - CDXS News | RalliesCodexis tumbles after starting stock offering
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CDXS• Codexis shares fall after public offering announcement
- Enzyme engineering co Codexis CDXS.O shares down 19.6% to $1.60 post-market as it seeks equity
- CDXS kicks off stock offering to fund working capital, general purposes, including R&D; deal size not disclosed
- Piper Sandler and Cantor Fitzgerald joint bookrunners
- Redwood City, California-based co has ~90.9 mln shares outstanding for roughly $180 market cap
- Co says in a filing expects to report Q2 rev of at least $14.8 mln, and that it had cash and equivalents of approx $54.9 mln at end-June
- In May, CDXS reported Q1 rev more than doubled yr/yr, driven by Merck MRK.N agreement
- CDXS shares finished down 3.4% at $1.99 on Thurs, trimming YTD gain to 22%
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