computer-science
Kodiak AI raises $100M at a steep discount, sending its stock tumbling 37%
Key takeaways
- The company sold shares at $6.50 each, well below its closing price of $9.10, according to a filing with the Securities and Exchange Commission (SEC).
- The financing came from existing backer Ares Management and several unnamed institutional investors.
- Kodiak reported revenue of $1.8 million in the first quarter, up from the $1.4 million it logged in same period a year prior.
Kodiak AI s stock tumbled 37% in after-hours trading Thursday after the self-driving truck startup disclosed it had raised $100 million by selling shares at a steep discount — a sign that investors were willing to back the company but not at its current market price.
The company sold shares at $6.50 each, well below its closing price of $9.10, according to a filing with the Securities and Exchange Commission (SEC). The raise also included warrants — instruments that give investors the right to buy additional shares later at a set price, in this case as low as $6.
The financing came from existing backer Ares Management and several unnamed institutional investors.
Article preview — originally published by TechCrunch. Full story at the source.
Read full story on TechCrunch →
More top stories
Also covered by
Aggregated and edited by the Scoop newsroom. We surface news from TechCrunch alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop