A leading protein engineering firm, Codexis (Nasdaq: CDXS), stock in postmarket trade has grown 14.17% to $7.001. There does not seem to be any business news that today prompted the price of Codexis share to surge, and investors would want to take this as a signal for warning.
However, on December 02, 2020, the pricing of an underwritten public offering of 4,285,715 shares of its common stock at a $17.50 per share public offering price. After underwriting discounts and fees and projected selling costs, net proceeds from the sale to Codexis are projected to be roughly $70.2 million. The sale, subject to normal closing terms, is scheduled to close on or around December 7, 2020. For a term of 30 days, Codexis has given the underwriters the right to buy up to an additional 642,857 common stock shares at the price of the public offering, less underwriting discounts, and commissions.
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Codexis plans to promote the production of its performance enzyme products and innovative biotherapeutic product candidates, as well as any additional products or product candidates that Codexis may acquire in the future and for general corporate purposes, including by raising its working capital, using the net proceeds from the sale to finance research and development operations and facilities. Codexis can also use a part of the net proceeds to make acquisitions or purchase complementary undertakings, goods, facilities, or technology.