Codiak BioSciences plunges on stock-and-warrants deal

Codiak BioSciences,.

12/09/2022 21:24

** Codiak BioSciences Inc's shares  CDAK.O  down ~30%
post-market as co seeks equity raise
    ** Co after the bell announces proposed stock-and-warrants
offering; deal size not disclosed  urn:newsml:reuters.com:*:nGNX1wfRmQ
    ** Jefferies sole bookrunner
    ** CDAK finished Mon session down 6.7% at $1.67, record low
close
    ** Shares have lost 25% since co on Aug 30 said plans 37%
workforce cut, pause development of two cancer drug candidates
which were ready for mid-stage study, and, instead, prioritize
coronavirus vaccine development program and focus on ongoing
early-stage trial of liver cancer treatment candidate
 urn:newsml:reuters.com:*:nGNX9126kF
    ** Goldman Sachs downgraded stock to "neutral" in reaction
to restructuring plans news
    ** Co has ~22.66 mln shares outstanding and ~22.48 mln of
free float, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))