Beyond Meat announced Wednesday afternoon that it would price its secondary offering of shares at $160, an 18.6% discount to the closing price of the stock but more than six times the price charged less than three months ago.
Beyond Meat BYND, +0.90% plans to sell at least 3.25 million shares at that price, which would bring in $520 million, almost all of it for early investors, executives and employees. All but 250,000 shares came from shareholders, who will take home $480 million of that total. Underwriting banks — led by Goldman Sachs, JP Morgan and Credit Suisse — have access to nearly 500,000 more shares, all of which would come from selling stockholders instead of the company.
Beyond Meat sold shares for $25 apiece in an initial public offering in early May, but demand for a piece of the meat-alternative company from investors and those looking to bet against the company has sent shares soaring. The stock closed Wednesday at $196.51, which is considerably lower than the record closing price of $234.90 last Friday.
Shares took a hit after Beyond announced its planned secondary offering along with quarterly earnings Monday afternoon. Shares declined 12.3% in the next day’s trading session after the news.
Shares fell less than 5% in after-hours trading Wednesday after the secondary pricing was announced.
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