Investing.com — The wild ride of Beyond Meat (NASDAQ:), the maker of plant-based meat substitutes, got wilder Wednesday when the shares fell under $100 for the first time since early June.
- Beyond Meat (NASDAQ:) shares were down 6.6% at $99.41 at 1 PM ET (17:00 GMT).
- The shares are down 58% since peaking on July 26. The Los Angeles company went public on May 1 at $25.
- The immediate catalyst was a Bloomberg News report that rival impossible Foods has filed for permission to sell its plant-based burgers in the European Union. Beyond Meat (NASDAQ:) plans to open a manufacturing facility in Europe next year.
- Impossible Foods, headquartered in Redwood City, Calif., makes its product taste like meat through the use of soy leghemoglobin, made from genetically modified yeast. Impossible Foods must obtain a specific approval to use the product in Europe.
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