Beyond Meat raises $240 million in stock market debut
The shares of Beyond Meat, which sells plant-based burgers and sausages, more than doubled Thursday in its Nasdaq debut, the Associated Press reported.
Beyond Meat raised about $240 million selling 9.6 million shares at $25 each, the AP said. Those shares rose 163% to close at $65.75.
“The strong investor demand came despite a history of financial losses at the company, according to a recently amended S-1 filing; Beyond Meat posted net revenue of $87.9 million in 2018 and a net loss of $29.9 million,” AgFunder News said.
But Walter Robb, former CEO of Whole Foods, told AgFunder News that he is not fond of alternatives to meat.
“They’re made mostly from isolates, and I told you already, I’m a whole foods guy and I think they’re a little bit of a misdirect for people at times,” Robb said.
“If they want to eat a healthier diet, eat whole foods. But if they’re helping folks to think about all those things, that’s fine. So hot from some perspectives but from my perspective, not so hot.”
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Western legislators led by Reps. Suzan DelBene, D-Wash., and Dan Newhouse, R-Wash., wrote to Agriculture Secretary Tom Vilsack on Tuesday, urging USDA to provide additional relief to farmers and ranchers impacted by historic drought.