Beyond Meat, the world's first producer of plant based meat, has announced a secondary offering following the company's IPO in May.
Following the IPO, the share price increased nearly 800%. The company announced that 3.25 million new shares would be issued as part of the secondary offering which would include 3 millions shares being sold by existing shareholders. The company's share price has dropped following the announcement for further fundraising.
the company will conduct a secondary offering just shy of three months following its May public debut. The news kicked off an after-hours drop in the stock price that continued into Tuesday.