NEW YORK - Shares of vegan burger maker Beyond Meat Inc surged 84 percent in their market debut on Thursday, as investors look to cash in on the growing popularity of plant-based meat alternatives.
Shares surged to $50 just minutes after starting to trade and were halted due to volatility. They have since resumed trading at more than $59. Beyond Meat founder and Chief Executive Ethan Brown on Thursday morning at the Nasdaq stock exchange called plant-based meat an “enormous opportunity for economic growth in rural America and throughout the world.”
Tyson Foods Inc, the no. 1 U.S. meat processor, owned a 6.5 percent stake in Beyond Meat, but last week said it sold its holding, as it looks to develop its own line of alternative protein products. The company said it intends to use a bulk of its IPO proceeds for research and development, as well as building manufacturing facilities.
In 2018, some $50 million of Beyond Meat’s revenues came from retail sales, including at Amazon.com Inc’s Whole Foods Market and Kroger Co supermarkets, while some $37 million was generated at restaurants.
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This is just another way to poison us & thin the herd! Modified Non Meat doesn't sound appetizing! 🤮🤮🤮
Country doomed.
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