๐ Codexis $CDXS gaps down ~24% after pricing a deeply dilutive $1.50/share public offering
The enzyme-engineering biotech priced 16.7 million new shares at $1.50 each โ well below its prior close โ raising ~$23 million for working capital and R&D. Underwriters also hold an option for up to 2.5 million more shares, meaning dilution could stretch further before the deal settles around July 27. The stock was already a penny-land name and this offering adds significant share count on top. Not financial advice. Does the cash runway justify this kind of haircut for existing holders?
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