Summary by Futu AI
On November 7, 2024, Beyond Meat, Inc. announced the initiation of an 'at the market' equity offering program, entering into an Equity Distribution Agreement with B. Riley Securities, Inc. The agreement allows for the sale of Beyond Meat's common stock up to a total of $200 million. B. Riley will serve as the sales agent and may also purchase shares directly as principal. The sales will be conducted under various methods, including transactions on national securities exchanges, the over-the-counter market, and privately negotiated transactions, among others. Beyond Meat intends to sell shares based on market conditions and its capital needs, with B. Riley receiving up to a 3% commission on the gross proceeds. The agreement is part of Beyond Meat's shelf registration statement on Form S-3, which was declared effective by the SEC on April 12, 2024. A prospectus supplement was also filed with the SEC in connection with the share offering. Latham & Watkins LLP has provided a legal opinion on the validity of the shares to be issued.
