Teknova Prices $40 Million Public Offering at $5 Per Share, Stock Falls 22% After Hours

Alpha Teknova (TKNO) on Tuesday priced an underwritten public offering of 8 million common shares at $5 each, targeting gross proceeds of $40 million before fees and expenses. The reagent manufacturer's shares fell 21.92% to $5.77 in overnight trading following the announcement. The company granted underwriters a 30-day option for up to 1.2 million additional shares, with all shares sold by Teknova. The offering is expected to close on or about October 22, 2026, subject to customary conditions. Teknova said it plans to use net proceeds for general corporate purposes, potentially including debt repayment, and may invest in complementary businesses or technologies, though no commitments are in place. TD Cowen and William Blair are joint book-running managers, with Craig-Hallum as lead manager. TKNO closed Tuesday at $7.39, up 8.68%. The stock has traded between $1.91 and $9.48 over the past year.