A leading plant-based meat company has announced the successful completion of its IPO (Initial Public Offering).
Canadian brand The Very Good Food Company (VGF) Inc makes a line of plant-based meat alternatives and other food alternatives which it distributes via its own Butcher Shop retail location, grocery stores across Canada, and an e-commerce subscription box.
VGF announced the issuance of 16,100,000 common shares at a price of $0.25 per Common Share for gross proceeds of $4,025,000. The Common Shares were listed on the Canadian Securities Exchange on June 16 VGF started trading today under the symbol 'VERY'.
'A critical milestone'
In a statement sent to Plant Based News, CEO Mitchell Scott said: "This IPO is a critical milestone for VGF, as it provides us with the capital to realize our vision of becoming a global leader in food technology, and providing a healthier alternative to existing options available to consumers.
"We intend to scale our operations aggressively, establish a market leadership position, and continuously reinvest in creating the highest quality, most innovative plant-based products."
The company says it plans to use the net proceeds from the offering to speed up expansion plans, as well as fund research and development for new products to increase market share.
VGF is the second plant-meat company to go public. The first was Beyond Meat, in 2019.