In this file:
· Beyond Meat shelves plans for Japan push, Mitsui says
· Beyond Meat’s stock briefly falls below secondary offering price
Beyond Meat shelves plans for Japan push, Mitsui says
Reporting by Ritsuko Ando; Editing by Shounak Dasgupta, Reuters
Aug 9, 2019
TOKYO (Reuters) - Beyond Meat Inc (BYND.O) has shelved plans to enter Japan, according to a Japan-based investor, focusing more on the U.S. market where it recently bolstered funding to fuel an expansion and beat out emerging faux-meat rivals.
Japanese trading house Mitsui & Co Ltd (8031.T), which bought a small stake in Beyond Meat in 2016, said it previously planned to partner with the U.S. company to sell plant-based meat alternatives in Japan, but there was no longer such a project.
A Beyond Meat spokeswoman said she could not immediately comment, while a Mitsui spokeswoman declined to give a reason for the change, adding that future expansion in Japan was still possible.
El Segundo, California-based Beyond Meat sells pea-based burgers and sausages at restaurants and in supermarkets, and its shares have surged around 550% since their May IPO on expectations for growing demand for meat alternatives. It has also followed on with a secondary offering, which closed earlier this week...
Beyond Meat’s stock briefly falls below secondary offering price
Shares of Beyond Meat briefly fell below its secondary offering price of $160.
The company’s stock has tumbled since it announced the secondary offering.
Beyond priced its initial public offering at $25 per share, but the stock has surged since May.
Amelia Lucas, CNBC
Aug 8 2019
Shares of Beyond Meat briefly fell below its secondary offering price of $160 Thursday.
Beyond’s stock, which has a market value of $9.8 billion, briefly fell nearly 5% to $158.81 per share in morning trading before regaining some of those losses.
Competitor Impossible Foods, which is privately held, announced Thursday that it had secured a deal with Sodexo. The foodservice company, which has contracts with universities, hospitals and prisons, will serve the Impossible Burger and other plant-based products at more than 1,500 locations.
The El Segundo, California-based company announced its secondary offering along with its second-quarter results July 29. Since then, the company’s stock has tumbled more than 27%.
On July 31, Beyond priced its secondary offering of 3.25 million shares at $160 per share, six times its IPO price. The price was 18.6% below its closing price the previous day, offering buyers a steep discount on the stock.
CEO Ethan Brown, who put 39,000 shares on the market, will net roughly $6 million from the sale after underwriting discounts and commissions...