Beyond Meat® Announces Launch of Initial Public Offering
LOS ANGELES, Calif., April 22, 2019 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (“Beyond Meat”), a leader in plant-based meat, announced today the launch of its initial public offering of 8,750,000 shares of common stock. The initial public offering price is expected to be between $19.00 and $21.00 per share, before underwriting discounts and commissions. In addition, the company expects to grant the underwriters a 30-day option to purchase up to an additional 1,312,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions. Beyond Meat’s existing stockholders will not sell any shares in the offering. Beyond Meat has applied to list shares on the Nasdaq Global Market under the symbol "BYND.”
Beyond Meat expects to receive gross proceeds of approximately $175.0 million from the offering, or $201.3 million if the underwriters exercise their option in full, assuming the shares price at the mid-point of the offering range. The company intends to use the gross proceeds from the offering to invest in current and additional manufacturing facilities and expand research and development and sales and marketing capabilities, as well as for working capital and general corporate purposes, and pay fees and expenses in connection with the offering.
Goldman Sachs & Co. LLC, J.P. Morgan and Credit Suisse are serving as lead book-running managers for the offering. BofA Merrill Lynch and Jefferies are also acting as book-running managers, and William Blair is acting as co-manager for the offering.
The offering is being made only by means of a prospectus. A copy of the preliminary prospectus may be obtained from any of the following sources:
- Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by email at [email protected];
- J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 866-803-9204, or by email at [email protected]; and
- Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, New York, NY 10010, or by telephone at +1 (800) 221-1037, or by email at [email protected].
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release includes certain disclosures which contain “forward-looking statements.” You can identify forward-looking statements because they contain words such as “believes” and “expects.” Forward-looking statements, including statements regarding the size, timing, expected price range and proceeds of the initial public offering, are based on Beyond Meat’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Beyond Meat’s filings with the SEC, including its registration statement on Form S-1, as amended from time to time, including under the caption “Risk Factors.” Any forward-looking statement in this release speaks only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.