The sizzle just left shares of plant-based protein producer Beyond Meat (BYND) .
The stock was off more than 6% in premarket trading Thursday following the pricing of a secondary offering of shares Wednesday evening.
While the sale of the stock at $160 was six-fold the initial public offering price of $25 in May, the offering was still made at a substantial discount to Wednesday’s closing price of $196,51.
The offering, which totals 3.25 million shares, is a combination of insider sales of existing shares and the creation of 250,000 new ones. The total share sale is expected to gross slightly more than half a billion dollars.
Beyond Meat shares declined 6.49% in premarket trading Thursday to $183.76.
Save 76% with our Summer Break Sale. Subscribe to our premium site Real Money and become a smarter investor! Click here today to sign up!
