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Beyond Meat, Inc. (BYND)

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
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139.49-0.18 (-0.13%)
At close: 4:00PM EST

138.79 -0.70 (-0.50%)
After hours: 7:58PM EST

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Trade prices are not sourced from all markets
Previous close139.66
Open137.74
Bid138.50 x 900
Ask138.79 x 3200
Day's range135.33 - 140.22
52-week range48.18 - 221.00
Volume4,904,078
Avg. volume4,318,903
Market cap8.779B
Beta (5Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)-0.85
Earnings date03-May-2021 - 07-May-2021
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target est122.63
  • Beyond Meat, Inc. Prices Upsized $1 Billion Convertible Senior Notes Offering
    GlobeNewswire

    Beyond Meat, Inc. Prices Upsized $1 Billion Convertible Senior Notes Offering

    EL SEGUNDO, Calif., March 02, 2021 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat”) today announced the pricing of its offering of $1,000,000,000 aggregate principal amount of 0% convertible senior notes due 2027 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering size was increased from the previously announced offering size of $750,000,000 aggregate principal amount of notes. The issuance and sale of the notes are scheduled to settle on March 5, 2021, subject to customary closing conditions. Beyond Meat also granted the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $150,000,000 principal amount of notes. The notes will be senior, unsecured obligations of Beyond Meat. The notes will not bear regular interest, and the principal amount of the notes will not accrete. The notes will mature on March 15, 2027, unless earlier repurchased, redeemed or converted. Before December 15, 2026, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after December 15, 2026, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. Beyond Meat will have the right to elect to settle conversions either in cash or in a combination of cash and shares of its common stock. However, upon conversion of any notes, the conversion value, which will be determined over a period of multiple trading days, will be paid in cash up to at least the principal amount of the notes being converted. The initial conversion rate is 4.8544 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $206.00 per share of common stock. The initial conversion price represents a premium of approximately 47.5% over the last reported sale price of $139.66 per share of Beyond Meat’s common stock on March 2, 2021. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events. The notes will be redeemable, in whole or in part, for cash at Beyond Meat’s option at any time, and from time to time, on or after March 20, 2024 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Beyond Meat’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid special and additional interest, if any, to, but excluding, the redemption date. If a “fundamental change” (as defined in the indenture for the notes) occurs, then, subject to limited exceptions, noteholders may require Beyond Meat to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the applicable repurchase date. Beyond Meat estimates that the net proceeds from the offering will be approximately $979.4 million (or approximately $1,126.4 million if the initial purchasers fully exercise their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions and estimated offering expenses. Beyond Meat intends to use approximately $73.0 million of the net proceeds to fund the cost of entering into the capped call transactions described below. Beyond Meat intends to use the remainder of the net proceeds from the offering for general corporate purposes and working capital. If the initial purchasers exercise their option to purchase additional notes, then Beyond Meat intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. In connection with the pricing of the notes, Beyond Meat entered into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (in this capacity, the “option counterparties”). The capped call transactions will cover, subject to customary adjustments, the number of shares of Beyond Meat’s common stock that will initially underlie the notes. The capped call transactions are expected generally to reduce potential dilution to Beyond Meat’s common stock upon conversion of the notes and/or, at Beyond Meat’s election (subject to certain conditions), offset any cash payments Beyond Meat is required to make in excess of the aggregate principal amount of the converted notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions will initially be $279.32, which represents a premium of 100% over the last reported sale price of Beyond Meat’s common stock of $139.66 per share on March 2, 2021, and is subject to certain adjustments under the terms of the capped call transactions. If the initial purchasers exercise their option to purchase additional notes, Beyond Meat expects to enter into additional capped call transactions with the option counterparties. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of Beyond Meat’s common stock and/or enter into various derivative transactions with respect to Beyond Meat’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Beyond Meat’s common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Beyond Meat’s common stock and/or purchasing or selling Beyond Meat’s common stock or other securities issued by Beyond Meat in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date of the capped call transactions, which are expected to occur during the 20 trading day period beginning on the 21st scheduled trading day prior to the maturity date of the notes, or following any repurchase, redemption or early conversion of the notes, in each case if Beyond Meat exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Beyond Meat’s common stock or the notes, which could affect a noteholder’s ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the number of shares of Beyond Meat’s common stock and value of the consideration that a noteholder will receive upon conversion of such notes. In addition, if any such capped call transaction fails to become effective, whether or not this offering of the notes is completed, the option counterparty party thereto may unwind its hedge positions with respect to Beyond Meat’s common stock, which could adversely affect the value of Beyond Meat’s common stock and, if the notes have been issued, the value of the notes. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Beyond Meat Beyond Meat is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, bioengineered ingredients, hormones, antibiotics, or cholesterol. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat’s brand commitment, Eat What You Love™, represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. Forward-Looking Statements Certain statements in this release constitute “forward-looking statements,” including statements regarding the completion of the offering, the expected amount and intended use of the net proceeds, the effects of entering into the capped call transactions described above and the actions of the option counterparties and their respective affiliates. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2021, as well as other factors described from time to time in Beyond Meat’s filings with the SEC. Among those risks and uncertainties are market conditions, the satisfaction of the closing conditions related to the offering and risks relating to Beyond Meat’s business. Beyond Meat may not consummate the offering described in this press release and, if the offering is consummated, cannot provide any assurances regarding its ability to effectively apply the net proceeds as described above. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. Contact Information Shira Zackaiszackai@beyondmeat.com

  • Liza Koshy Teams Up With Beyond Meat® and Everfi to Invite Students Nationwide to Think and Live More Sustainably
    GlobeNewswire

    Liza Koshy Teams Up With Beyond Meat® and Everfi to Invite Students Nationwide to Think and Live More Sustainably

    Liza Koshy Liza Koshy Beyond Meat, EVERFI and Liza Koshy challenge students to incorporate sustainable practices into their schools for the opportunity to win a lunchroom makeover EL SEGUNDO, Calif., March 02, 2021 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND), a leader in plant-based meat, in collaboration with digital education innovator EVERFI and actress, producer and creator, Liza Koshy, are challenging middle and elementary school students to apply the knowledge they have acquired through a new digital sustainability course, for the chance to win a sustainable lunchroom makeover and see their vision come to life. With today’s launch of the Beyond Lunch Sustainability Challenge, teachers, in collaboration with their students, can submit their innovative, out-of-the-box ideas for how they would make their school’s lunchrooms more sustainable. One lucky grand prize winner will be awarded up to $10,000 to help bring their ideas to life at their school. The Beyond Lunch Sustainability Challenge is an extension of Beyond Meat and EVERFI’s free course, Sustainability Foundations: Plants, Animals and Our World, which was created last fall and designed for fifth through eighth grade students in an effort to expand access to sustainability education for all students. The science-based course is grounded in real-world examples and covers topics on global resource constraints, the importance of biodiversity, climate change and how to innovate for a healthy life. Through this course, Beyond Meat aims to empower youth to understand that their choices, no matter how small, can make a big difference. “At Beyond Meat, we believe that there is a better way to feed our future and that all students should have access to education on important topics that impact their lives, such as the role of nutrition and food in their health and that of their families, the earth’s climate, and broader sustainability,” said Ethan Brown, Beyond Meat Founder & CEO. “Through our work with EVERFI, we are inspiring students to come up with designs and plans to reimagine their lunchrooms around health and sustainability outcomes and showing them how their actions can improve their health and the health of the planet.” “Today’s youth have the power to change tomorrow’s world for the better by making big and small personal choices,” said Tom Davidson, EVERFI Founder & CEO. “It’s important that we come together to empower students with education on plant-based innovations for human and planetary health. We are delighted to work with Beyond Meat, a forward thinking company with a climate-driven mission, on this sustainability course and the Challenge.” “I’m excited to partner with Beyond Meat and EVERFI on an initiative that speaks directly to today’s youth and challenges them to incorporate sustainable practices into their daily lives,” said Beyond Meat ambassador, Liza Koshy. “My mother always taught me to leave places better than you found them and since I was a kid, I’ve felt a responsibility to help better the planet through my everyday actions. Little choices that you make day-to-day, such as going plant-based for lunch, a snack or a whole day can make a huge difference over time. That is why I am proud to work with Beyond Meat and EVERFI to inspire and reward students for thinking more sustainably.” Submissions for the Beyond Lunch Sustainability Challenge are now open at https://beyondlunchchallenge.com/ until April 13, 2021 with the winner to be announced on or around June 1, 2021. Teachers who are interested in sharing the course with their students can register for an account on the EVERFI Platform and select “Sustainability Foundations: Plants, Animals, and Our World.” Students who are interested in learning more about the environmental and nutritional benefits of Beyond Meat’s plant-based meats can follow @BeyondMeat on Facebook, Instagram and Twitter, @BeyondMeatOfficial on TikTok and sign up for the Beyond Meat newsletter. About Beyond MeatBeyond Meat, Inc. (NASDAQ: BYND) is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, bioengineered ingredients, hormones, antibiotics, or cholesterol. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat’s brand commitment, Eat What You Love™, represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. As of December 31, 2020, Beyond Meat had products available at approximately 122,000 retail and foodservice outlets in over 80 countries worldwide. Visit www.BeyondMeat.com and follow @BeyondMeat, #BeyondBurger and #GoBeyond on Facebook, Instagram and Twitter and @BeyondMeatOfficial on TikTok. Beyond Meat Forward Looking StatementsCertain statements in this release constitute “forward-looking statements.” These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2021 as well as other factors described from time to time in Beyond Meat’s filings with the SEC. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. About EVERFIEVERFI is an international technology company driving social change through education to address the most challenging issues affecting society ranging from financial wellness to prescription drug safety to workplace conduct and other critical topics. Founded in 2008, EVERFI is fueled by its Software-as-a-Service (SaaS) community engagement platform and has reached more than 41 million learners globally. In 2020, the company was recognized as one of the World’s Most Innovative Companies by Fast Company and was featured on Fortune Magazine’s Impact 20 list. Some of America’s leading CEOs and venture capital firms are EVERFI investors including Amazon founder and CEO Jeff Bezos, Google Chairman Eric Schmidt, Twitter founder Evan Williams, as well as Advance, Rethink Education, Rethink Impact, The Rise Fund, and TPG Growth. To learn more about EVERFI and how you can #answerthecall please visit everfi.com or follow us on Facebook, Instagram, LinkedIn, or Twitter @EVERFI. Media ContactAmanda Schumanamanda.schuman@beyondmeat.com Jennifer Edgerlyjedgerly@everfi.com A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/486e7caf-ff91-40d6-9d6c-c1c4a055012f A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/75c60b8a-563c-483b-90cb-b88d5ea9a3d9

  • Beyond Meat, Inc. Announces Proposed Convertible Senior Notes Offering
    GlobeNewswire

    Beyond Meat, Inc. Announces Proposed Convertible Senior Notes Offering

    EL SEGUNDO, Calif., March 01, 2021 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat”) today announced its intention to offer, subject to market and other conditions, $750,000,000 aggregate principal amount of convertible senior notes due 2027 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Beyond Meat also expects to grant the initial purchasers of the notes an option to purchase, for settlement within a period of 13 days from, and including, the date the notes are first issued, up to an additional $112,500,000 principal amount of notes. The notes will be senior, unsecured obligations of Beyond Meat, will accrue interest payable semi-annually in arrears and will mature on March 15, 2027, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Beyond Meat will settle conversions in cash and, if applicable, shares of its common stock. The notes will be redeemable, in whole or in part, for cash at Beyond Meat’s option at any time, and from time to time, on or after March 20, 2024 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Beyond Meat’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering. Beyond Meat intends to use a portion of the net proceeds from the offering to fund the cost of entering into the capped call transactions described below. Beyond Meat intends to use the remainder of the net proceeds from the offering for general corporate purposes and working capital. If the initial purchasers exercise their option to purchase additional notes, then Beyond Meat intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below. In connection with the pricing of the notes, Beyond Meat expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers and/or their respective affiliates and/or other financial institutions (in this capacity, the “option counterparties”). The capped call transactions will cover, subject to customary adjustments, the number of shares of Beyond Meat’s common stock that will initially underlie the notes. The capped call transactions are expected generally to reduce potential dilution to Beyond Meat’s common stock upon conversion of the notes and/or, at Beyond Meat’s election (subject to certain conditions), offset any cash payments Beyond Meat is required to make in excess of the aggregate principal amount of the converted notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, then Beyond Meat expects to enter into additional capped call transactions with the option counterparties. In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of Beyond Meat’s common stock and/or enter into various derivative transactions with respect to Beyond Meat’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Beyond Meat’s common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Beyond Meat’s common stock and/or purchasing or selling Beyond Meat’s common stock or other securities issued by Beyond Meat in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date of the capped call transactions, which are expected to occur during the 20 trading day period beginning on the 21st scheduled trading day prior to the maturity date of the notes, or following any repurchase, redemption or early conversion of the notes, in each case if Beyond Meat exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or a decrease in the market price of Beyond Meat’s common stock or the notes, which could affect a noteholder’s ability to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the number of shares of Beyond Meat’s common stock and value of the consideration that a noteholder will receive upon conversion of such notes. In addition, if any such capped call transaction fails to become effective, whether or not this offering of the notes is completed, the option counterparty party thereto may unwind its hedge positions with respect to Beyond Meat’s common stock, which could adversely affect the value of Beyond Meat’s common stock and, if the notes have been issued, the value of the notes. The offer and sale of the notes and any shares of common stock issuable upon conversion of the notes have not been, and will not be, registered under the Securities Act or any other securities laws, and the notes and any such shares cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, the notes or any shares of common stock issuable upon conversion of the notes, nor will there be any sale of the notes or any such shares, in any state or other jurisdiction in which such offer, sale or solicitation would be unlawful. About Beyond Meat Beyond Meat is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats made from simple ingredients without GMOs, bioengineered ingredients, hormones, antibiotics, or cholesterol. Founded in 2009, Beyond Meat products are designed to have the same taste and texture as animal-based meat while being better for people and the planet. Beyond Meat’s brand commitment, Eat What You LoveTM, represents a strong belief that there is a better way to feed our future and that the positive choices we all make, no matter how small, can have a great impact on our personal health and the health of our planet. By shifting from animal-based meat to plant-based meat, we can positively impact four growing global issues: human health, climate change, constraints on natural resources and animal welfare. Forward-Looking Statements Certain statements in this release constitute “forward-looking statements,” including statements regarding the anticipated terms of the notes being offered, the completion, timing and size of the proposed offering, the intended use of the proceeds, the anticipated terms of, and the effects of entering into, the capped call transactions described above and the actions of the option counterparties and their respective affiliates. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the U.S. Securities and Exchange Commission (“SEC”) on March 1, 2021, as well as other factors described from time to time in Beyond Meat’s filings with the SEC. Among those risks and uncertainties are market conditions, including market interest rates, the trading price and volatility of Beyond Meat’s common stock and risks relating to Beyond Meat’s business. Beyond Meat may not consummate the proposed offering described in this press release and, if the proposed offering is consummated, cannot provide any assurances regarding the final terms of the offering or the notes or its ability to effectively apply the net proceeds as described above. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. Contact Information Shira Zackai szackai@beyondmeat.com