Alpha Teknova Shares Sink 23% After Hours: Here's Why

Alpha Teknova Inc (NASDAQ: TKNO) shares dropped 22.87% to $5.70 in after-hours trading following the announcement of a $40 million public offering of common stock priced at $5 per share. The company plans to issue 8 million shares, with proceeds intended for general corporate purposes, including potential debt repayment. Preliminary Q3 revenue is estimated between $12.5 million and $12.7 million, reflecting a growth of 19% to 21% year-over-year, while adjusted EBITDA is projected to be negative. As of September 30, Teknova reported cash and short-term investments of $16.6 million.