Plant-based startup Beyond Meat has seen its shares soar by 12 percent in Friday trading, despite the current coronavirus (Covid-19) crisis.
Whilst the pandemic has left many businesses on the brink of collapse, Beyond Meat is now on track to achieve its biggest weekly percentage gain since debuting on the stock market back in 2019.
Market Watch has credited the spike to the company’s announcement of entering the Chinese market after securing a partnership with Starbucks.
Beyond Meat also recently obtained a $150 million five-years revolving facility to provide a ‘greater amount fo financial flexibility and better position the company for long-term success’.
The Covid-19 outbreak has been cited in the dropping of shares in Tyson Foods – which saw a 15 decrease last month.
The company announced last week it was suspending operations at one of its biggest pork plants in Iowa due to staff absence from Covid-19.
“The closure has significant ramifications beyond our company since the plant is part of a larger supply chain that includes hundreds of independent farmers, truckers, distributors, and customers, including grocers,” Chief Executive Steve Stouffer said in a statement.
“It means the loss of a vital market outlet for farmers and further contributes to the disruption of the nation’s pork supply.”
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