Beyond Meat files registration statement for IPO
Beyond Meat, a plant-based meat manufacturer, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.
Beyond Meat, a plant-based meat manufacturer, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock. The number of shares to be offered and the price range for the offering have not yet been determined. Beyond Meat intends to list its stock on the Nasdaq Global Market under the ticker symbol “BYND.”
Proceeds of the deal will be used to expand current manufacturing facilities and open new ones, to finance research and development, and to boost sales and marketing, along with the catchall “general corporate purposes,” according to the prospectus.
According to Market Watch, Beyond Meat has successfully grown its revenue over the years but has yet to produce a profit. In the first nine months of 2018, the company generated revenue of $56.4 million, more than double the $21.1 million posted in the year-earlier period, and more than the $32.6 million posted for all of 2017.
But its net loss in the nine-month period came to $22.4 million, only slightly less than the $23.4 million loss posted in the year-earlier period. The company’s loss for 2017 came to $30.4 million, wider than the $24.1 million loss posted in 2016.