- The Denny's restaurant chain will expand a Los Angeles launch of the plant-based Beyond burgers to locations across the U.S. and Canada.
- Beyond Meat shares climbed more than 4% on the news.
- Beyond's gains come amid a broader market drop as companies react to the coronavirus outbreak.
Beyond Meat shares finished out the day up 4.4% on Monday after it announced an expansion of its partnership with Denny's.
The Denny's restaurant chain will expand a Los Angeles launch of the plant-based Beyond burgers to locations across the U.S. and Canada, the two companies announced Monday. Denny's rolled out Beyond burgers at its LA locations in October.
Beyond's gains come amid a broader market drop as companies react to the coronavirus outbreak. All three major U.S. indexes fell more than 1% Monday.
The latest news comes as Beyond Meat competes with its main rival, Impossible Foods, for sought-after partnerships with American fast-food chains.
Since it went public in May of last year, Beyond Meat has announced partnerships with Subway, Del Taco, KFC, Dunkin' Brands and others.
Beyond Meat has been a volatile stock since its public debut. Shares jumped 163% on the first day of trading, and its highest closing price of nearly $235 in July was more than $200 above its IPO price.
The stock then came crashing back to earth. As the stock slumped from its peak, Beyond Meat announced a secondary offering and shares fell more than 10%. Then, as a lockup from the IPO expired at the end of October, allowing early investors and insiders to sell their shares, the stock fell back below $100 per share.
— CNBC's Jesse Pound contributed to this report.