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·         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...

 

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https://www.reuters.com/article/us-beyond-meat-japan/beyond-meat-shelves-plans-for-japan-push-mitsui-says-idUSKCN1UZ0KT

 

 

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...

 

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https://www.cnbc.com/2019/08/08/beyond-meats-stock-briefly-falls-below-secondary-offering-price.html