Why Ginkgo Bioworks Stock Is Sliding Wednesday Morning

Ginkgo Bioworks Holdings Inc DNA shares are trading lower by 8.63% to $2.44 Wednesday morning. The company during Tuesday's after-hours session announced a public offering of Class A common stock.

What Else?

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

In connection with this offering, Ginkgo has also granted the underwriter a 30-day option to purchase up to an additional $15 million of shares of Class A common stock.

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According to data from Benzinga Pro, DNA has a 52-week high of $14.20 and a 52-week low of $2.09.