Codexis Prices $25M Stock Offering at $1.50, a 5% Discount to Market
CDXS sits 65% above its 52-week low of $0.958.
Summary
Codexis priced its public offering of 16.7 million shares at $1.50 each, a 5% discount to the last close of $1.58, raising $25 million before fees. The company expects net proceeds of about $23.1 million from the offering. The offering is expected to close on or about July 27. The capital raise increases shares outstanding by roughly 24%, a dilutive event that will pressure the stock near-term. This follows the after-market announcement of the offering on July 23, with the company pre-announcing Q2 revenue of at least $14.8 million and cash of $54.9 million. The offering comes as the company works to extend its cash runway following a revenue rebound driven by a licensing deal.
At the time of this announcement, CDXS was trading at $1.58 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $180.9M. The 52-week trading range was $0.96 to $3.87. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.