Beyond Meat Inc. on Aug. 5 said it has closed its public offering of common stock. It received $38.5 million in net proceeds.

The alternative protein producer offered 3,737,500 shares of its common stock at $160 each, 250,000 of which were from the company itself and the rest from existing stockholders.

Beyond Meat noted that it will not receive any proceeds from the sale of its shareholders' stock.

Shares of the company were down 1.96% to $172.50 in pre-market trading following the announcement.