Karooooo rises as CEO scraps stock sale

Karooooo

26/07/2024 11:31

** Karooooo Ltd  KARO.O  shares up 9.4% at $31.50 in
premarket trading as software co's CEO pulls planned stock sale
    ** Singapore-based co says CEO Isaias (Zak) Jose Calisto
terminated $75 mln secondary offering due to market conditions
    ** Offering's goal was to improve trading liquidity, and was
met with significant investor demand, but Calisto determined
recent change in market conditions and resulting impact on share
price made it inappropriate to proceed, co says
    ** KARO shares fell 12.3% on Weds and another 7.1% on Thurs
after co launched proposed offering for Calisto to trim his
64.8% stake
    ** Through Thurs close, shares up 18.5% YTD
    ** Karooooo went public in Apr 2021 IPO priced at $28

 (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))