Teknova prices $40 million stock offering as shares drop

Alpha Teknova priced an underwritten offering of 8 million shares at $5 each, targeting $40 million in gross proceeds before fees; underwriters may buy up to 1.2 million additional shares. The company expects to use the proceeds for general corporate purposes, potentially including debt repayment or investments in complementary businesses, products or technologies, with no specific investment commitments disclosed. Teknova also estimated third-quarter revenue of $12.5 million to $12.7 million, up 19% to 21% year over year, and adjusted EBITDA losses of $1 million to $1.2 million, an improvement from the prior year; those unaudited estimates remain subject to review.