Teknova Announces Closing of $22.9 Million Concurrent Registered Direct Offering and Private Placement and Amends Credit Facility
19 Settembre 2023 - 10:01PM
Alpha Teknova, Inc. (“Teknova”) (Nasdaq: TKNO), a leading producer
of critical reagents for the research, development, and
commercialization of novel therapies, vaccines, and molecular
diagnostics, today announced the closing of its previously
announced registered direct offering for the issuance and sale of
an aggregate of 1,086,485 of its shares of common stock at a
purchase price of $1.85 per share and concurrent private placement
of an aggregate of 11,299,993 of its shares of common stock, at the
same purchase price of $1.85 per share. The registered direct
offering and the private placement were priced based on the
consolidated closing bid price under Nasdaq rules.
The gross proceeds to Teknova from the
concurrent offerings are approximately $22.915 million, before
deducting offering expenses payable by Teknova. Teknova currently
intends to use the net proceeds from the offerings for general
corporate purposes, including for the repayment of a portion of
Teknova’s outstanding debt obligations.
The securities offered in the registered direct
offering were offered and sold by Teknova pursuant to a “shelf”
registration statement on Form S-3 (Registration No. 333-265987),
including a base prospectus, previously filed with the Securities
and Exchange Commission (the “SEC”) on July 1, 2022 and declared
effective by the SEC on July 12, 2022. The offering of the
securities issued in the registered direct offering was made only
by means of a prospectus supplement that forms a part of the
registration statement. A final prospectus supplement and an
accompanying base prospectus relating to the registered direct
offering have been filed with the SEC and are available on the
SEC’s website located at http://www.sec.gov.
The offer and sale of the securities in the
private placement described above were made in transactions not
involving a public offering and have not been registered pursuant
to Section 4(a)(2) of the Securities Act of 1933, as amended (the
“Securities Act”), and/or Rule 506(b) of Regulation D promulgated
thereunder and have not been registered under the Securities Act or
applicable state securities laws. Accordingly, the securities sold
in the private placement may not be reoffered or resold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and any applicable state
securities laws.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Amendment to Credit
Facility
Concurrent with the equity offerings, Teknova
has completed Amendment No. 4 (the “Amendment”) to its Amended
Credit Agreement with MidCap Financial Trust (“MidCap”). The
Amendment lowers covenants for minimum net revenue and minimum
cash. In return, Teknova agreed to an increase of the exit fee and
restricted access to the revolving facility until Teknova achieves
a minimum net revenue trigger. Teknova has also repaid $10.0
million of principal balance on its term loan to MidCap in
connection with the Amendment. This summary of the Amendment does
not purport to be complete. Additional information about the
Amendment will be available in a Current Report on Form 8-K to be
filed by Teknova.
About Teknova
Teknova makes solutions possible. Since 1996,
Teknova has been innovating the manufacture of critical reagents
for the life sciences industry to accelerate the discovery and
development of novel therapies that will help people live longer,
healthier lives. We offer fully customizable solutions for every
stage of the workflow, supporting industry leaders in cell and gene
therapy, molecular diagnostics, and synthetic biology. Our fast
turnaround of high-quality agar plates, microbial culture media,
buffers and reagents, and water helps our customers scale
seamlessly from RUO to GMP. Headquartered in Hollister, California,
with over 200,000 square feet of state-of-the-art facilities,
Teknova’s modular manufacturing platform was designed by our team
of scientists, engineers, and quality control experts to
efficiently produce the foundational ingredients for the discovery
and commercialization of novel therapies.
Forward-Looking Statements
Statements in this press release about future
expectations, plans and prospects, as well as any other statements
regarding matters that are not historical facts, may constitute
“forward-looking statements.” These statements include, but are not
limited to, Teknova’s expectations regarding the anticipated use of
proceeds from the offerings. The words, without limitation,
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would” and similar expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these or similar identifying
words. These forward-looking statements are based on management’s
current expectations and beliefs and are subject to uncertainties
and factors, all of which are difficult to predict and many of
which are beyond Teknova’s control and could cause actual results
to differ materially and adversely from those described in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, risks and uncertainties associated with
market conditions; demand for Teknova’s products (including the
potential delay or pausing of customer orders); Teknova’s
assessment of fundamental indicators of future demand across its
target customer base; Teknova’s ability to expand its production,
commercial, and research and development capabilities; Teknova’s
cash flows and revenue growth rate; Teknova’s supply chain,
sourcing, manufacturing and warehousing; inventory management;
risks related to global economic and marketplace uncertainties,
including those related to the impact of the COVID-19 pandemic;
reliance on a limited number of customers for a high percentage of
Teknova’s revenue; potential acquisitions and integration of other
companies; and other factors discussed in the “Risk Factors”
section of Teknova’s most recent periodic reports filed with the
SEC, including in Teknova’s Annual Report on Form 10-K for the year
ended December 31, 2022 and subsequent Quarterly Reports on Form
10-Q filed with the SEC, all of which you may obtain for free on
the SEC’s website at www.sec.gov. Although Teknova believes that
the expectations reflected in its forward-looking statements are
reasonable, Teknova does not know whether its expectations will
prove correct. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, even if subsequently made available by Teknova on its
website or otherwise. Teknova does not undertake any obligation to
update, amend or clarify these forward-looking statements, whether
as a result of new information, future events or otherwise, except
as may be required under applicable securities laws.
Investor Contacts
Matt Lowell
Chief Financial Officer
matt.lowell@teknova.com
+1 831-637-1100
Sara Michelmore
MacDougall Advisors
smichelmore@macdougall.bio
+1 781-235-3060
Media Contact
Jennifer Henry
Senior Vice President, Marketing
jenn.henry@teknova.com
+1 831-313-1259
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