Rover rebounds after pricing downsized secondary offering

Rover

19/11/2021 15:57

** Rover Group Inc  ROVR.O  up 12.1% at $12.42, hits session
high $13.17 early Fri, after online pet care marketplace prices
secondary offering
    ** Co late Thurs announced offering of 6 mln shares sold by
holders at $10  urn:newsml:reuters.com:*:nGNX8dKjdc
    ** ROVR's shares slid 21% over past two sessions, and fell
as low as $10.80 on Thurs, after co late Tues launched 11 mln
share offering  urn:newsml:reuters.com:*:nL1N2S8261
    ** Co went public in Aug after SPAC deal with Nebula Caravel
Acquisition Corp
    ** Selling shareholders in offering are pre-merger Rover
investors
    ** On Nov 9, stock jumped ~13% to $13.85 after co said Q3
gross bookings value (GBV) grew 35% amid COVID Delta variant's
effect on travel, and hiked FY 2021 rev forecast
    ** ROVR has ~175.3 mln shares outstanding and ~97 mln of
free float, per Refinitiv data

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))