Karat Packaging slides as CEO sells shares in secondary offering

Karat Packaging

08/09/2023 14:02

** Karat Packaging Inc's  KRT.O  shares down 17.4% premarket
at $20.85, nearly 1-mth low, after secondary offering prices
    ** Foodservice container maker late Thurs announced sale of
1 mln shares by certain members of its management team at $21,
16.8% discount to last sale
    ** The sellers are chairman/CEO Alan Yu, who owned ~7.4 mln
shares, and VP Marvin Cheng, who held ~6.7 mln shares, according
to latest SEC filing
    ** Amounts sold by each unknown at this time
    ** Karat has ~19.8 mln shares outstanding for ~$500 mln
market cap, and ~5.65 mln shares of public float, per LSEG data
    ** Through Thurs close, KRT has risen ~83% YTD
    ** Lake Street Capital Markets is sole bookrunner for
secondary offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))