2023-09-08 03:55:50 ET
- Karat Packaging ( NASDAQ: KRT ) has priced its previously announced underwritten secondary offering of 1 million shares of Karat’s common stock by certain members of the company’s management team at a price of $21.00/share.
- Its stock fell about 12.83% to $22.01 a share after-hours on Thursday.
- Underwriter were granted a 30-day option to purchase up to an additional 0.15 million shares of Karat’s common stock from a selling stockholder.
- The offering is expected to close on September 12, 2023, subject to the satisfaction of customary closing conditions.
- The company will not receive any proceeds from the sale of shares by the selling stockholders.
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Karat Packaging announces proposed secondary offering of common stock
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Karat Packaging shares slid on pricing secondary stock offering at $21 a share