Beyond Meat to Raise $200M in Equity Offering as Q1 Results Surpass Expectations
Beyond Meat has reported that it is seeking to raise up to $200 million in an equity offering for “general corporate and working capital purposes”. The sales could be made at any time, either over the counter or negotiated privately. Goldman Sachs will be the sales agent. The news comes after the company posted better-than-expected results for the first quarter of 2023, with a smaller loss and greater revenue than predicted by Wall Street. Net loss narrowed to $59 million, while net revenue was $92.2 million — $1.4 million greater than expected. Following the publication of the results, shares in Beyond rose by 11% in extended trading before paring gains. Stronger revenue growth is now expected for the remainder of the year; Beyond’s food service …