Beyond Meat (BYND) - Get Report has shelved plans to enter the Japanese consumer market, focusing more on the U.S. where it recently initiated another round of financing to continue its expansion into the faux-meat marketplace.
Japanese trading and investment firm Mitsui & Co, which bought a small stake in Beyond Meat in 2016, told Reuters on Friday that its plans to partner with the company to sell plant-based meat alternatives in Japan was officially off the table.
El Segundo, California-based Beyond Meat, which produces and sells plant-based burgers and sausages in restaurants and supermarkets, has seen its shares surge some 550% since its initial public offering in May on expectations for growing demand for meat-like alternatives.
It recently announced a secondary offering, which closed earlier this week, to continue its expansion plans.
Shares of Beyond Meat were up 0.52% at $163.22 in early trading on Friday.