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Beyond Meat tumbles after secondary offer is priced

August 1, 2019
FILE - In this June 27, 2019, file photo a meatless burger patty called Beyond Burger made by Beyond Meat is displayed at a grocery store in Richmond, Va. Shares of Beyond Meat are tumbling in Thursday, Aug. 1,, premarket trading after the plant-based meat maker priced a secondary stock offering at more than six times its initial public offering opening price. AP Photo/Steve Helber, File)
FILE - In this June 27, 2019, file photo a meatless burger patty called Beyond Burger made by Beyond Meat is displayed at a grocery store in Richmond, Va. Shares of Beyond Meat are tumbling in Thursday, Aug. 1,, premarket trading after the plant-based meat maker priced a secondary stock offering at more than six times its initial public offering opening price. AP Photo/Steve Helber, File)

NEW YORK (AP) — Shares of Beyond Meat are tumbling before the opening bell after it opened a secondary stock offering at more than six times the price of its initial public offering just three months ago.

In that time, shares are up 619%. The 10 year old company went public in May, selling shares for $25 each.

Beyond Meat offered 250,000 shares and existing shareholders are selling 3 million. Gross proceeds are anticipated at $40 million.

On Monday, Beyond Meat Inc. reported quarterly losses of $9.4 million, but its revenue of more than $67 million blew past expectations and it raised its outlook for the year.

Shares slid nearly 9% before the opening bell Thursday. The shares, which cost $25 in May, now go for more than $178 each.

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