Beyond Meat Plummets on Plan to Offer More Shares to Fund Growth
- Filing shows insiders, including CEO, plan to sell some stock
- News of secondary offering comes on heels of strong quarter
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Beyond Meat Inc. plummeted as much as 17% on a plan by inside shareholders and the faux-meat company to sell more than 3 million shares, just three months after it went public.
The transaction will let early investors such as Kleiner Perkins and Obvious Ventures and executives including Chief Executive Officer Ethan Brown take profits on a small portion of their stakes after an almost 800% gain in the stock since the IPO. The offering will help Beyond fund increased production and marketing as the company battles it out in an increasingly crowded vegan marketplace.