tyb
Beyond Meat Completes Secondary Offering At Massive Discount
Beyond Meat shares are trading down notably in the after-hours following a Bloomberg report that, according to a person familiar with the matter, BYND and its inside shareholders priced a secondary offering at $160 per share - a dramatic 18.6% discount to tonight's close.
Official Statement:
Beyond Meat, Inc. (NASDAQ: BYND) (“Beyond Meat”), a leader in plant-based meat, today announced the pricing of an underwritten public offering of 3,250,000 shares of its common stock at a price to the public of $160.00 per share.
Of the shares being offered, 250,000 are being offered by Beyond Meat and the remaining 3,000,000 shares are being offered by existing stockholders.
Certain of such existing stockholders have granted the underwriters a 30-day option to purchase up to an additional 487,500 shares of common stock at the public offering price. The gross proceeds to Beyond Meat from the offering, before underwriting discounts and commissions and offering costs, are expected to be $40.0 million. Beyond Meat intends to use the net proceeds received by it from the offering (i) to continue to increase its production and supply capabilities, (ii) to pay for marketing and promotional activities, and (iii) for general working capital purposes.
The offering is expected to close on or about August 5, 2019, subject to satisfaction of customary closing conditions. Beyond Meat will not receive any proceeds from the sale of common stock offered by the existing stockholders.
BYND is trading down after-hours…
The transaction lets early investors such as Kleiner Perkins and Obvious Ventures and executives including Chief Executive Officer Ethan Brown take profits on a small portion of their stakes after an almost eight-fold gain since the stock’s debut.
The question is, does that $160 secondary level act as a floor? Or will it be the critical threshold for shorts to test?
Finally, for those considering shorting this fake meat farce, don't forget that BYND is still the most-expensive short in the market. As Bloomberg reports, according to July 30 datafrom financial analytics firm S3 Partners, the last transaction went off at 197%.
https://www.zerohedge.com/news/2019-07-31/beyond-meat-completes-secondary-offering-massive-discount
There is one silver lining for shorts - the secondary offering will likely release some more shares to borrow on to the market and may, somewhat ironically, lower carry costs.
This is the premium that is charged to you for the ability to have short shares. SO this thing has to drop LARGE for you to actually make anything based on your carrying cost(s)-also depends how many shares you have of them.
this is just another system funding opp as they ran these things up, took all the short shares and then sat on them waiting for this to habben. Goldman and JP Morgan also 'waived' the share lock-ups on this one too. This allowed the CEO and others to dump shares when they should not have been able to. Have my doubts that share lock-up agreements were ever enforced, mebby they were at one point but certainly not in the last 20 years or so.
>What that is I don’t know.
he knows what they have done, when and why and can call it out at any point. Also knows about all the gold fuckery over the years. They know he knows this.
Goldman Sachs Grp sold Goldman Sachs MLP Income Opportunities Fund- $25m -July 29
It is an Energy related fund.
Goldman Sachs MLP Income Opportunities Fund (the “Fund”) is a newly-organized, non-diversified, closed-end management investment company with no operating history. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. There can be no assurance that the Fund will achieve its investment objective or that the Fund’s investment program will be successful.
The Fund seeks to achieve its investment objective by investing primarily in master limited partnerships (“MLPs”). Under normal market conditions, the Fund will invest at least 80% of its Managed Assets (as defined herein) in MLP investments. The Fund’s MLP investments may include, but are not limited to, MLPs structured as limited partnerships (“LPs”) or limited liability companies (“LLCs”); MLPs that are organized as LPs or LLCs, but taxed as “C” corporations; equity securities that represent an indirect interest in an MLP issued by an MLP affiliate, including institutional units (“I-Units”) and MLP general partner or managing member interests; “C” corporations whose predominant assets are interests in MLPs; MLP equity securities, including MLP common units, MLP subordinated units, MLP convertible subordinated units and MLP preferred units; private investments in public equities (“PIPEs”) issued by MLPs; MLP debt securities; and other U.S. and non-U.S. equity and fixed income securities and derivative instruments that provide exposure to the MLP market, including pooled investment vehicles that primarily hold MLP interests and exchange-traded notes (“ETNs”). The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments, including companies that are engaged in the treatment, gathering, compression, processing, transportation, transmission, fractionation, storage and terminalling of natural gas, natural gas liquids, crude oil, refined products or coal.
https://www.sec.gov/Archives/edgar/data/1579762/000119312513455167/d601144d497.htm
https://www.finviz.com/insidertrading.ashx?oc=886982&tc=2&b=2