Alpha Teknova tumbles on planned stock offering

** Shares of Alpha Teknova TKNO.O, which makes reagents for the life science industry, tumble 24% post-market to $5.60 as it seeks equity raise

** TKNO kicks off stock offering without disclosing deal size

** TD Cowen and William Blair are joint bookrunners

** Co intends to use net offering for general corporate purposes, including potential repayment of debt, and may use a portion to acquire or invest in other businesses, products, and technologies

** Hollister, California-based firm has ~53.7 mln shares outstanding for roughly $400 mln market cap

** Co estimates Q3 rev of $12.5-$12.7 mln and net loss of $3.49-$3.69 mln, and $16.6 mln of cash and short term investments as of Sept 30

** TKNO stock closed up 8.7% at $7.39 on Tues, up ~94% YTD

** 7 of 8 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $9.50, per LSEG