BUZZ-Alpha Teknova shares plunge as company sells $40 million worth of stock at a steep discount

October 21 - ** Shares of molecular biology reagent manufacturer Alpha Teknova (TKNO.O) plunged 30.7% to $5.12 in pre-market trading, hitting a more than two-month low, after the company completed a follow-on offering priced at $40 million.

** TKNO announced Tuesday evening that it would issue 8 million shares (link) at $5 per share, representing a 32.3% discount to the last traded price.

** TD Cowen and William Blair acted as joint bookrunners.

** The company plans to use net proceeds for general corporate purposes, including potential debt repayment, and may also use some funds for acquisitions or investments in other businesses, products, and technologies.

** The California Hollister-based company currently has about 53.7 million shares outstanding.

** As of Tuesday, TKNO's share price has risen approximately 94% year-to-date.

** According to data from London Stock Exchange Group (LSEG), 7 out of 8 analysts have rated the stock as "strong buy" or "buy", while 1 has rated it as "hold"; the median target price is $9.50.

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