Beyond Meat announced Wednesday it priced its secondary stock offering at $160, six times the price of its IPO. The share price is an 18.6% discount from the stock's closing price on Wednesday. Shares of the plant-based meat maker fell in premarket trading Thursday.
Beyond Meat announced Wednesday it priced its secondary stock offering at $160, six times the price of its IPO.Shares of the plant-based meat maker fell in premarket trading Thursday.fell more than 89% in premarket trading Thursday after the company announced Wednesday afternoon that it priced its secondary stock offering at $160, six times the price of its IPO.
The share price is an 18.6% discount from the stock's closing price. The plant-based meat maker plans to sell 3.25 million additional shares of its stock, with 3 million coming from investors and 250,000 from the company, according to a press release. The company said it wanted to raise $40 million to expand its manufacturing to meet the robust demand for its products and the market itself.
Since its initial public offering of $25 a share in May, optimism from investors along with those looking to bet against the company have sent its stock soaring. Last week,sending its shares plunging more than 13% in extended trading. The company is valued at $11.8 billion.
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