FIRST AIRED: July 30, 2019

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00:00:00
beyond meets attempt to become the filet Mignon of the meatless food trend is coming at such a high price it's happened to raise more funds on Wall Street the alternative meat company that seen its share price search nearly eight hundred percent since may IPO announced plans Monday for secondary stock offering of more than three million shares existing shareholders had trouble swallowing the latest plan from the Wall Street Darling resulting in after hours stock market plunge we are meets money raising plans come as it continues to bleed cash in an effort to become the dominant player in the burgeoning fake meat market as part of Monday's announcements beyond meat said it lost nine point four million dollars in the last quarter a bigger loss in this same time a year ago but on the flip side sales are rapidly expanding beyond wall street's expectations quarterly sales surged nearly four fold and the company raised its full year sales outlook beyond meat is seeing rising demand force meatless food products across the board from supermarkets to restaurants to food service companies just last week Dunkin donuts announced it would start selling a breakfast sandwich in New York with a B. on meet meet list Patty but competition is heating up in the sector mainstream brands like Tyson foods are entering into the meatless space and then there are other start ups like impossible foods that's one reason why beyond meat is looking to tap financial markets again it plans to use the proceeds from the secondary stock offering to fund expansion of its manufacturing operations as well as marketing