Beyond Meat (NASDAQ:BYND) shares had another sizzling day Monday after the company announced that its ground beef alternative would hit stores nationwide on June 24.
Shares grew 12% on Monday and crossed the $200 threshold Tuesday morning before slipping back down 0.7% to $168.71.
The plant-based faux ground beef is "versatile enough to use in any ground beef recipe,” according to the El Segundo, California-based company.
The announcement is the latest in a series of moves that have helped the company’s share price more than quadruple since its May 2 IPO.
Mike Pruitt, CEO of Chanticleer Holdings (NASDAQ:BURG), has been impressed. His burger restaurants announced a partnership with Beyond Meat on May 8 in response to calls from customers for a meatless burger offering.
The two companies reached an agreement before Chanticleer had any knowledge of the coming IPO, Pruitt said, but the meat alternative has been so popular Beyond needed the money to fund growth.
“As fast as they can make the product, they’re selling it,” Pruitt said. “There’s no doubt in the product itself.”
The Beyond Burger is expected to make its debut at Chanticleer’s Little Big Burger and other restaurants this month.
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