Karat Packaging slides after secondary offering priced

Karat Packaging's KRT.O shares down 9.1% before the bell after overnight secondary offering priced

Foodservice container maker late Tues announced 1.5 mln shares sold by certain members of its management team at $27

Offering price represents 12.8% discount to last sale

Sellers are CEO Alan Yu and VP of manufacturing Marvin Cheng, per the SEC prospectus filing

Chino, California-based firm has ~20 mln shares outstanding for $621 mln market cap, and ~6.8 mln shares of public float, per LSEG data

BofA and William Blair are jt bookrunners for offering

Through Tues, KRT shares up ~2% YTD and up ~16% QTD

1 of 3 analysts rate stock "buy", 2 rate "hold" with median PT of $33, per LSEG