NEW YORK (AP) — Shares of Beyond Meat are tumbling before the opening bell after it opened a secondary stock offering at more than six times the price of its initial public offering just three months ago.
In that time, shares are up 619%. The 10 year old company went public in May, selling shares for $25 each.
Beyond Meat offered 250,000 shares and existing shareholders are selling 3 million. Gross proceeds are anticipated at $40 million.
On Monday, Beyond Meat Inc. reported quarterly losses of $9.4 million, but its revenue of more than $67 million blew past expectations and it raised its outlook for the year.
Shares slid nearly 9% before the opening bell Thursday. The shares, which cost $25 in May, now go for more than $178 each.