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   Technology StocksImpossible Foods and Beyond


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To: Glenn Petersen who wrote (178)6/8/2020 6:50:05 PM
From: Glenn Petersen
1 Recommendation   of 213
 
Rumors have been circulating that Impossible Foods may merge with Forum Merger II (stock symbol: FMCI), a special purpose acquisition company (SPAC), otherwise known has a blank check company.

On May 13, Forum, which closed today at $14.25, and is sitting on approximately $210 million in cash, issued the following press release on May 3, 2020:

Delray Beach, FL, May 13, 2020 (GLOBE NEWSWIRE) -- Forum Merger II Corporation (Nasdaq: FMCI) (“Forum” or the “Company”) today announced it has signed a letter of intent and expects to sign a definitive agreement to acquire a high-growth, plant-based food company with a broad portfolio of innovative products that are aligned with major food trends and sold through leading retailers and distributors across the United States (the “Target”).

The Target’s disruptive strategy is focused on addressing the growing consumer demand for nutritious, great tasting, better-for-you products with plant-based food. The Target’s alignment with today’s secular food trends, combined with its robust, plant-based offerings that feature unique ingredients, innovative recipes and creative branding, has allowed it to establish a meaningful market presence in a short period of time. Forum believes that the Target has a compelling financial profile, with significant historical and projected revenue growth and profitability. Forum’s management expects that the anticipated valuation at consummation of the business combination transaction will represent a meaningful discount to relevant public comparable multiples.

Completion of the transaction is subject to, among other things, the negotiation and execution of a definitive agreement providing for the transaction, satisfaction of the closing conditions included therein and approval of the transaction by Forum’s shareholders. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated.


globenewswire.com

Forum had to complete an acquisition by June 10, 2020; otherwise it would have to liquidate. Today, its shareholders extended the deadline to September 30, 2020.

sec.gov

FMCI was up $1.84 on the news.

Impossible Foods recently raised another $300 million. Even though FMCI would only add $210 million to the pot, a deal with FMCI could bring in additional funding as part of the transaction, which is what DraftKings did earlier this year when it merged with Diamond Eagle, another SPAC.

Going public through a reverse merger with FMCI would be a relatively inexpensive way for Impossible Foods to get a public listing. It would also get less regulatory scrutiny than a traditional IPO.

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To: Glenn Petersen who wrote (179)6/9/2020 10:13:33 AM
From: rogermci®
   of 213
 
Took a position at 14.25

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To: rogermci® who wrote (180)6/9/2020 5:20:46 PM
From: Glenn Petersen
   of 213
 
I picked up some yesterday morning. The downside is that FMCI may not be able to sign an agreement with a target company before September 30, which means that the company will be liquidated and the cash proceeds (approximately $10.35 per share) will be distributed to the shareholders.

If the target is actually Impossible Foods, there will be some fireworks.

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To: Glenn Petersen who wrote (181)6/10/2020 8:07:34 AM
From: Labrador
   of 213
 
Why not another extension if they're "close"? The vote to extend On June 8 was 18,493,348 with -0- against and 2,000 abstaining.

sec.gov

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To: Labrador who wrote (182)6/10/2020 8:24:47 AM
From: Glenn Petersen
   of 213
 
Typically, the charters of SPACs require that the entities consummate a transaction within a designated time period (generally 18 months to two years); otherwise they are required to liquidate. FMCI is only in the letter of intent stage with its potential target. Hence, the need for an extension.

The Company is a blank check company formed in 2018 for the purpose of consummating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In August 2018, the Company consummated its IPO from which it derived gross proceeds of $200,000,000. Like most blank check companies, our charter provides for the return of the IPO proceeds held in trust to the holders of public shares if there is no qualifying business combination consummated on or before a certain date (in our case, June 10, 2020). Our Board believes that it is in the best interests of the stockholders to continue the Company’s existence until the Extended Date in order to allow the Company more time to complete an initial business combination and is submitting these proposals to the stockholders to vote upon.

sec.gov

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To: Glenn Petersen who wrote (183)6/10/2020 10:55:58 AM
From: Labrador
   of 213
 
thank you for the reply Glenn

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To: Glenn Petersen who wrote (181)6/12/2020 9:49:00 AM
From: rogermci®
   of 213
 
I sold at breakeven this morning. Not the Impossible Foods deal I thought it might be.

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To: rogermci® who wrote (185)6/12/2020 10:07:51 AM
From: Glenn Petersen
   of 213
 
Yeah, not the deal I was hoping for and obviously a short term disappointment to the market. Still, it is a hot space. I will continue to track it on the blank check board.

Message 32783674

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From: Glenn Petersen6/15/2020 9:07:24 AM
1 Recommendation   of 213
 
Burger King adds Impossible Foods’ meatless sausage on its breakfast menu nationwide

Published Mon, Jun 15 20208:16 AM EDT
Updated Moments Ago
Amelia Lucas
CNBC.com

Key Points

-- Burger King is the first national chain to add Impossible Foods’ sausage to a breakfast sandwich.

-- The Impossible Croissan’wich will be available for a limited time at participating locations.

-- The menu addition comes as fast-food chains report lower breakfast sales due to the coronavirus pandemic.



Burger King’s Impossible Croissan’wich
Source: Burger King
-------------

Burger King said Monday it is adding a breakfast sandwich made with meat-free Impossible Sausage to its menu nationwide.

The Restaurant Brands International chain, which began testing the menu item in January, is the first national chain to add Impossible Foods’ sausage to a breakfast sandwich. The Impossible Croissan’wich will be available for a limited time at participating locations. Dunkin’ already sells breakfast sandwiches made with Beyond Meat’s plant-based sausage.

The menu addition comes as fast-food chains report lower breakfast sales due to the coronavirus pandemic. More consumers are working from home — and eating breakfast there. Some restaurants, like Yum Brands’ Taco Bell, temporarily shortened their hours in response to slower demand for the morning meal.

A new menu item made with a meat alternative could spur breakfast sales for Burger King. Nearly a year ago, in response to the craze for plant-based meat alternatives, Burger King added the Impossible Whopper, made with Impossible’s meatless burger, to menus nationwide. The burger lifted traffic and sales for the chain. Earlier this year, Burger King included the meat-free burger in its 2 for $6 promotion in an effort to appeal to more price-sensitive customers.

To promote the new breakfast sandwich, Burger King is giving away up to 100,000 of them through its mobile app with any purchase of at least $1.

Shares of Impossible’s rival Beyond Meat fell 2% in premarket trading amid a broader market sell-off.

Restaurant Brands shares were up 1%.

cnbc.com

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From: Glenn Petersen6/17/2020 8:42:25 AM
   of 213
 
Beyond Meat to sell cheaper value packs of its meatless burgers

Published Wed, Jun 17 20208:23 AM EDT
Amelia Lucas
CNBC.com

Key Points

-- Beyond Meat will sell 10-packs of its meatless burgers.

-- The burger value packs narrow the price gap with traditional beef patties.

-- The coronavirus pandemic has pushed many consumers to buy meat alternatives, with sales soaring 168.5% in the week ended June 6, according to Nielsen data.



Beyond Meat’s Cookout Classic value pack
Beyond Meat
------------------------------

Beyond Meat announced Wednesday that it will sell value packs of its meatless burgers — just in time for summer barbecue season.

The 10-pack has a suggested retail price of $15.99, or $6.40 per pound, bringing it closer to the price of traditional beef. Beef patties were selling for $5.26 per pound this week, according to the U.S. Department of Agriculture’s report on advertised beef prices.


Beyond’s value packs will go on sale the week of June 22 at Walmart, Target and other select retailers across the U.S. But the new offering will only be available until mid-August, or until supplies last.

The coronavirus pandemic has pushed many consumers to buy meat alternatives. More consumers are cooking at home rather than eating at restaurants, and outbreaks have hit the meatpacking industry and hurt production. Sales of fresh meat alternatives soared 168.5% in the week ended June 6 compared to the year-ago period, according to Nielsen data.

Shares of Beyond, which has a market value of $9.46 billion, have doubled their value so far in 2020, as of Tuesday’s close. The stock was up about 3% in premarket trading Wednesday.

cnbc.com

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