Aeva Technologies shares dropped 11.1% in after‑hours trading after announcing a $100 million follow‑on public offering.
The offering includes a 30‑day option for underwriters to buy an additional $15 million of shares at the offering price.
Morgan Stanley, Goldman Sachs & Co., and Oppenheimer act as book‑running managers; proceeds will fund AI infrastructure, Co‑Packaged Optics and existing applications.