Karat Packaging Inc. Announces Pricing of Secondary Offering of Common Stock
07 Setembro 2023 - 8:52PM
Karat Packaging Inc. (Nasdaq: KRT) (“Karat” or the “Company”), a
specialty distributor and manufacturer of disposable foodservice
products and related items, today announced the pricing of its
previously announced underwritten secondary offering of 1,000,000
shares of Karat’s common stock by certain members of the Company’s
management team (collectively, the “Selling Stockholders”) at a
price of $21.00 per share. The underwriter has been granted a
30-day option to purchase up to an additional 150,000 shares of
Karat’s common stock from a Selling Stockholder. The offering is
expected to close on September 12, 2023, subject to the
satisfaction of customary closing conditions. The Company will not
receive any proceeds from the sale of shares by the Selling
Stockholders.
Lake Street Capital
Markets, LLC is acting as sole book-running manager for the
offering.
The offering of these
securities is being made pursuant to a shelf registration statement
on Form S-3 (File No. 333-268397), which was filed with the U.S.
Securities and Exchange Commission (the “SEC”) on November 15, 2022
and declared effective on November 28, 2022. The offering is being
made only by means of a prospectus supplement and an accompanying
prospectus. A copy of the prospectus and prospectus supplement
related to the offering may be obtained, when available, by
visiting the SEC’s website at www.sec.gov. Alternatively, copies of
the prospectus and prospectus supplement relating to the offering
may be obtained by contacting: Lake Street Capital Markets, LLC,
Attn: Syndicate Department, 920 Second Avenue South, Suite 700,
Minneapolis, MN 55402, by calling (612) 326-1305, or by emailing
syndicate@lakestreetcm.com.
This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Karat
Packaging Inc.
Karat Packaging Inc.
is a specialty distributor and manufacturer of a wide range of
disposable foodservice products and related items, primarily used
by national and regional restaurants and in foodservice settings
throughout the United States. Its products include food and
take-out containers, bags, tableware, cups, lids, cutlery, straws,
specialty beverage ingredients, equipment, gloves and other
products. The company’s eco-friendly Karat Earth® line offers
quality, sustainably focused products that are made from renewable
resources. Karat Packaging also offers customized solutions,
including new product development and design, printing, and
logistics services.
Forward
Looking Statements
Statements made in
this release that are not statements of historical or current facts
are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the proposed offering. We caution
readers that forward-looking statements are predictions based on
our current expectations about future events, and are subject to
risks and uncertainties. Such risks and uncertainties may
cause actual results to differ materially from those anticipated in
the forward-looking statements. Our actual results, performance, or
achievements could differ materially from those expressed or
implied by the forward-looking statements as a result of a number
of factors, including the risks discussed under the heading “Risk
Factors” discussed under the caption “Item 1A. Risk Factors” in
Part I of our most recent Annual Report on Form 10-K or any updates
discussed under the caption “Item 1A. Risk Factors” in Part II of
our Quarterly Reports on Form 10-Q and in our other filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise that occur after that date, except as required by
law.
Investor
Relations and Media Contact
PondelWilkinson
Inc.Judy Lin or Roger Pondel310-279-5980IR@karatpackaging.com
Karat Packaging (NASDAQ:KRT)
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