In this file:
· Media Release: Beyond Meat® Announces Closing of Public Offering of Common Stock
· Beyond Meat Tip For Investors: Beware!
Beyond Meat® Announces Closing of Public Offering of Common Stock
Source: Beyond Meat, Inc.
via GlobeNewswire/Yahoo Finance - August 5, 2019
EL SEGUNDO, Calif., Aug. 05, 2019 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (BYND) (“Beyond Meat”), a leader in plant-based meat, today announced the closing of its previously announced public offering of 3,737,500 shares of its common stock at a price to the public of $160.00 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 will not receive any proceeds from the sale of the Company’s common stock by existing stockholders.
Goldman Sachs & Co. LLC, J.P. Morgan and Credit Suisse acted as lead book-running managers for the offering. BofA Merrill Lynch and Jefferies also acted as book-running managers, and William Blair and Raymond James acted as co-managers for the offering.
A registration statement relating to these securities was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on July 31, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from any of the following sources:
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at firstname.lastname@example.org;
J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204, or by email at email@example.com; and
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, New York, NY 10010, or by telephone at +1 (800) 221-1037, or by email at firstname.lastname@example.org.
About Beyond Meat
Beyond Meat is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. Founded in 2009, Beyond Meat has a mission of building meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating its plant-based meat products. Beyond Meat’s brand commitment, “Eat What You Love,” represents a strong belief that by eating its portfolio of plant-based meats, consumers can enjoy more, not less, of their favorite meals, and by doing so, help address concerns related to human health, climate change, resource conservation and animal welfare. Beyond Meat’s portfolio of fresh and frozen plant-based proteins are sold at more than 53,000 retail and foodservice outlets worldwide. Visit www.BeyondMeat.com.
Certain statements in this release constitute “forward-looking statements." These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein as discussed herein and in greater detail in the Company’s filings with the Securities and Exchange Commission (“SEC”), including without limitation in its Form 10-Q for the quarter ended June 29, 2019 and any subsequent filings with the SEC. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.
Beyond Meat Tip For Investors: Beware!
by Greg Henderson, AgWeb
Aug 05, 2019
Calling Beyond Meat a Wall Street darling is an understatement. Its stock closed Friday at $177 per share, or roughly seven times greater than its IPO price of $25.
But like Bitcoin before it, investors are coming to grips with some hard facts about Beyond Meat (BYND), like the fact that its valuation is now greater than the entire market for U.S. plant-based foods.
Before the recent Wall Street meltdown, Beyond’s stock had reached $230 per share, putting the company’s valuation at $13 billion. That’s bigger than Wendy’s, Shake Shack, Red Robin and Jack-in-the-Box combined.
Staggering numbers, which is what has led investors to begin questioning the attraction of a relatively small company that had $67 million sales and posted $6.6 million in losses last quarter after a decade in business.
One Wall Street research firm, Consumer Edge, said, “We believe current valuation is pricing in the opportunity over the execution while not fully accounting for risks driven by competitor entrants into the market, potential penetration fatigue, success of unknown innovation and scaling capacity.”
A recent article in Forbes quoted analysts Haris Anwar with Investing.com saying, “Bitcoin and Beyond Meat have one thing in common: their meteoric surge has been fueled by investor frenzy to make quick gains without fully understanding the risks involved.”
Much of Beyond Meats’ success is built on the narrative that plant-based products offer a solution to many societal problems – obesity, high cholesterol, environmental decay. That sales pitch appeals to many younger consumers, but the company faces some major hurdles.
“There is no doubt that Beyond Meat has a great product in a growing market for vegan products, but investors should remember that the company isn’t yet profitable and it will soon face growing competition,” Anwar said. “Impossible Foods, for example, is going nationwide with Burger King offering its Impossible Whopper, while Tyson Foods is soon coming up with its own vegetable-based meat.”
Beyond Meat’s success, however, “relies on consumers not knowing what’s in their products,” writes Washington Times columnist Richard Berman...