Codexis tumbles after starting stock offering
BUZZ-Codexis tumbles after starting stock offering ** 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%
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))