Shares of Beyond Meat tumbled 18% to new lows on Thursday after the plant-based substitute meat seller said it would sell up to $200 million worth of new shares as it faces a shrinking cash pile.
Vegetarian sausages from Beyond Meat Inc, the vegan burger maker, are shown for sale at a market in Encinitas, California, U.S., June 5, 2019. REUTERS/tumbled 18% to new lows on Thursday after the plant-based substitute meat seller said it would sell up to $200 million worth of new shares as it faces a shrinking cash pile.
The El Segundo, California company late on Wednesday reported its fifth consecutive quarter of declining year-over-year revenue, and it said it expectsBeyond Meat also said it has entered an equity distribution agreement with Goldman Sachs Goldman Sachs analyst Adam Samuelson has a "sell" rating on Beyond Meat's stock, according to Refinitiv.
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