Beyond Meat’s IPO has flipped into FOMO territory rob_cyran
Shares in Beyond Meat stock rose as high as $72 a share on its first day of trading on May 2. That represented a 190 percent increase on the $25-a-share price the plant-based burger company had set for its initial public offering on May 1. The float raised $240 million.
The company had a net loss of $30 million last year, and revenue more than doubled to $88 million. Beyond Meat will use the proceeds for research, development and expanding production. Tyson Foods, the top meat producer in the U.S., recently sold its a 6.5 percent stake in Beyond Meat as it plans to develop its own alternative protein foods.
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