Meat alternative marketer and recent IPO Beyond Meat (Nasdaq: BYND) recently reported quarterly earnings, and, concurrently, the company surprised the market with a secondary offering well ahead of the indicated 180-day IPO period (a rare occurrence in the last 10 years). The stock’s performance since its IPO has been stunning: the IPO priced at $25 on May 01, 2019, and the stock went up over 8 times leading up to the earnings announcement.
The secondary offering priced at $160, well below the closing price of $222.13, the last price before the Q2 results and secondary announcement on July 29, 2019.
The offering was mostly pre-IPO investors and insiders selling (3,000,000 shares), along with the company selling 250,000 shares itself to fund its operations:
The secondary came just as BYND’s market capitalization surpassed that of a number of consumer staples companies in the S&P 500:
We were curious to read the secondary offering document using redlining, to see what has changed since the IPO documents. Keep in mind that there will be changes solely due to the fact that BYND is now publicly traded, versus the pre-IPO language. We redlined the secondary S-1/A filed on July 31, 2019, against the final IPO S-1/A from April 29, 2019.
Here are our notes:
1) Stunning distribution and sales growth, along with successful partnerships and major increases in media impressions:
2) Expanding distribution in Europe and growing product lines:
Originally Posted on August 5, 2019 – What We Learned From Redlining Beyond Meat’s (Nasdaq: BYND) Secondary Offering Documents
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