DLO - DLocal names Sergio Fogel co-president; shareholders buy $160M of shares

June, 07 2023 04:44 PM DLocal Limited

2023-06-07 16:44:21 ET

DLocal ( NASDAQ: DLO ), a payments platform to connect merchants with consumers in emerging markets, named Sergio Fogel, a co-founder of the company, as co-president and chief strategy officer, it said Wednesday.
His new title formalizes the role he has been carrying out alongside CEO Sebastian Kanovich and Co-President and Chief Operating Officer Jacobo Singer.
Fogel will continue to serve on the company's board.
In addition, DLocal ( DLO ) said that, as anticipated in a press release on Dec. 20, 2022, certain key shareholders have purchased ~$160M of the company's class A common shares in open market transactions, including the purchase of $100M of shares by General Atlantic, and a total of ~$60M by Sergio Fogel, Andres Bzurovski, and Eduardo Azar.
DLocal ( DLO ) stock gained 3.0% in after-hours trading.
Late in May, DLocal ( DLO ) stock slumped after a media report said the Argentine government was investigating the company, a report that DLO said was "factually incorrect."
SA analyst Mike Zaccardi said DLocal's ( DLO ) Q1 results improved, but he's watching margins and price action.

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