BUZZ-Codexis tumbles after starting stock offering
Codexis, Inc. CDXS | 0.00 | |
Merck & Co., Inc. MRK | 0.00 | |
Piper Sandler Companies PIPR | 0.00 |
** 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%