KOD - Kodiak announces 14 million common stock offering by selling stockholders

Kodiak Sciences (KOD) has extended the intra-day losses yesterday with a ~10.6% drop in the pre-market.In a regulatory filing, the company has announced that ~14.0M shares will be sold by the selling stockholders from time to time.The offer includes ~150.0K shares of its common stock issuable upon the exercise of warrants.The company is not receiving any funds related to the sale, but warrants will generate net proceeds if they are exercised for cash.Yesterday, Kodiak announced its Q1 2021 financials which were in line with expectations. But the addition of another pivotal trial towards its marketing application for KSI-301 hurt the shares.

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Kodiak announces 14 million common stock offering by selling stockholders