Codexis Inc. (NASDAQ:CDXS) shares fell sharply in Thursday’s after-hours trading after the biotechnology company priced an underwritten public offering of common stock.
Codexis shares closed Thursday’s regular session down 3.40% at $1.99 before falling another 20.60% in after-hours trading to $1.58.
The company develops enzymatic solutions used in the manufacturing of complex therapeutics, including RNA-based medicines, through its proprietary CodeEvolver® technology.
Announcement of Public Offering
Codexis announced the pricing of an underwritten public offering of 16.7 million common shares at $1.50 per share, below Thursday’s closing price of $1.99. The company expects to raise approximately $23.1 million in net proceeds after underwriting discounts and offering expenses.
