Shares of Karooooo Ltd. (KARO) slipped over 16% on Thursday morning after pricing secondary offering at $50.00 a share.
KARO is currently trading at $49.85, down $9.67 or 16.25%, on the Nasdaq. The stock opened its trading at $50.00 after closing Wednesday at $59.53. The stock has traded between $25.80 and $63.36 in the past 52-week period.
Karooooo announced the pricing of an underwritten secondary public offering of 1.5 million ordinary shares held by Isaias (Zak) Jose Calisto, Karooooo's chief executive officer, at a price to the public of $50.00 per ordinary share for proceeds of about $75.0 million.
The offering is expected to close on June 13, 2025, subject to customary closing conditions.
Karooooo is not selling any ordinary shares in the Offering and will not receive any of the proceeds from the sale.
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