Beyond Meat Shares Drop After Secondary Offering

Abigail Doolittle discusses the recent stock performance, highlighting an 8% drop after a significant rise. The decline is linked to a secondary offering at a discount, raising concerns about early venture backers selling shares. The technical analysis shows a bullish pattern, but the market is surprised by the downturn. A waiver for the lock-up period was granted, allowing more shares to be sold. The company aims to raise $40 million, possibly for production, amid market jitters.

What was the initial listing price of the stock during the IPO?

What potential use of the $40 million from the offering was mentioned?