Codexis Shares Plummet Following Public Offering Pricing

The company intends to issue approximately 16.7 million shares, projecting net proceeds of $23.1 million once discounts and underwriting expenses are settled. Leadership stated the capital will be directed toward research and development alongside general working capital requirements.

Scheduled to close on July 27, the offering includes an optional over-allotment for underwriters. These entities hold a 30-day window to purchase an additional 2.5 million shares at the established price, providing a potential buffer should demand exceed initial expectations.