Karooooo Ltd. (KARO) has announced the pricing of a $75 million underwritten secondary public offering of 1.5 million ordinary shares held by CEO Isaias (Zak) Jose Calisto, priced at $50.00 per share.
The offering is expected to close on June 13, 2025, pending customary conditions. The underwriters also have a 30-day option to purchase an additional 225,000 shares from Calisto at the same price.
Karooooo itself will not receive any proceeds from the sale, although it will cover associated costs, excluding underwriting commissions, which the selling shareholder will pay.
Post-offering, Calisto will retain beneficial ownership of approximately 58% of Karooooo's outstanding shares, or 57.27% if the underwriters exercise their option in full. Additionally, Karooooo's Chief Sales Officer, Juan Marais, through One Spire (Pty) Ltd., holds around 10.52% of the company. A voting agreement ensures that if Calisto's stake drops below 51%, One Spire will vote its shares per his direction.
Thursday, KARO closed at $47.72, down 19.84%, and rose to $48.12 in after-hours trading, up 0.84% on the NasdaqCM.
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