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Ginkgo Bioworks Stock Is Down After Hours: What's Happening?

Benzinga · 11/15/2022 17:48

Ginkgo Bioworks Holdings Inc (NYSE:DNA) shares are trading lower in Tuesday's after-hours session after the company announced a proposed public offering.

What To Know: Ginkgo Bioworks said it intends to offer and sell $100 million of its Class A common stock in an underwritten public offering. The company intends to grant the underwriter a 30-day option to purchase up to an additional $15 million of common stock. All of the shares in the proposed offering are to be sold by Ginkgo.

Ginkgo expects to use the net proceeds to offset the cash used to finance the acquisition of certain assets and liabilities of Bayer CropScience LP and for other general corporate purposes.

What Else: On Monday, Ginkgo shares fell after hours after the company reported mixed financial results

Ginkgo Bioworks said third-quarter revenue decreased 14% year-over-year to $66.4 million, which beat average analyst estimates of $60.36 million, according to Benzinga Pro. The company reported a quarterly net loss of 41 cents per share, which missed average analyst estimates for a loss of 30 cents per share. 

See Also: Why Ginkgo Bioworks Stock Fell In Monday's After-Hours Session

DNA Price Action: DNA has a 52-week high of $8.77 and a 52-week low of $2.09.

The stock was down 6.37% in after hours at $2.50 at time of publication, according to Benzinga Pro.

Photo: Arek Socha from Pixabay.