Akoya Biosciences sinks after stock offering, job cuts

Akoya Biosciences

08/06/2023 13:36

** Akoya Biosciences Inc's  AKYA.O  shares down ~12.4% to
record low $4.87 premarket after co raises equity and announces
job cuts
    ** Medtech firm prices 8.7 mln shares at $5, raises $43.5
mln for working capital, general purposes
    ** Offering price is 10.1% discount to stock's last close
    ** Telegraph Hill Partners, ~41% holder, merchant banking
arm of Piper Sandler, ~7% holder, and certain co execs intend to
buy shares of the offering, per the prospectus filing
    ** AKYA has ~38.4 mln shares outstanding
    ** Co also said as part of cost savings initiatives, it
terminated chief medical officer, Ehab El-Gabry, and chief
people officer, Marilee Moy
    ** Morgan Stanley and Piper Sandler acted as jt bookrunners
for equity offering
    ** Through Weds close, AKYA's shares have lost 42% YTD
    ** Co went public in Apr 2021 IPO priced at $20

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))