Beyond Meat has closed its second public offering of 3,737,500 shares of its common stock at a price to the public of $160 per share. Of the shares that were offered, 250,000 were offered by Beyond Meat and the remaining 3,487,500 shares were offered by existing stockholders, including 487,500 shares sold by existing stockholders under an option granted to the underwriters. Beyond Meat received $38.5 million in net proceeds from the sale of shares offered by the company.
Beyond Meat investors enjoyed a rampant bull run when the stock rose 860% from $25 per share in May 2019 to $239.71 in July. After the announcement of the second public share offering, stock plummeted and closed August 6 at $161.24—down 32% from its all-time high.
In other news, Subway has announced a partnership with Beyond Meat to test exclusive plant-based protein options, including a Beyond Meatball Marinara sub that will debut in Subway locations in the United States and Canada this September.
Subway press release (pdf)