Shares of Laird Superfood ($LSF) jumped during the company's public debut on the New York Stock Exchange Wednesday.
The company announced it would be offering 2.65 million shares at $22, but the entry point rose at the open to $33.55 per share and ultimately closed at $40.80 per share
Big-wave surfers Laird Hamilton and Paul Hodge Jr. started the company to bring plant-based options to the energy and performance supplement market. Their signature "Superfood Creamers" are crafted to give a fat-based boost to coffee drinks without using animal products.
The company has since expanded into coffee beans, performance mushrooms, and "Instafuel," which are powdery blends that can be added to hot water or coffee.
In the private market, the founders were encouraged to focus on one product and eventually seek out a merger or acquisition, Hodge told Cheddar.
But the founders had a more ambitious vision for the Oregon-based startup.
"For us, we're really building this for the long-term," Hodge said. "We anticipate being on many aisles of the grocery store with a lot of different products."
The public markets seemed like a better route to "bring this idea to fruition," Hamilton added.
Plant-based competitor Beyond Meat ($BYND) chose a similar path. The industry leader went public on May 2 and has since seen its stock price more than double to $150 per share.
Hodge touts the company's "omni-channel" approach, which started online but has since worked with retail partners to expand its physical footprint.
Laird Superfood's products are currently available in 5,500 stores, including Whole Foods, though COVID has driven many customers online to buy products directly.
The goal moving forward is to maintain the company's authenticity and commitment to healthy plant-based products, while also offering them at mass-market prices.
"That's quite frankly why we're going public so that we can be in control of our own destiny," Hodge said.
Arguments at the Supreme Court have concluded for the day as the justices consider President Donald Trump's sweeping unilateral tariffs in a trillion-dollar test of executive power.
AI is reshaping investigations. Longeye CEO Guillaume Delepine shares how their AI workspace empowers law enforcement to uncover insights faster and smarter.
Stephen Kates, Financial Analyst at Bankrate, joins to discuss the Fed’s 25-basis-point rate cut, inflation risks, and what it all means for consumers and marke
Big tech earnings take center stage as investors digest results from Alphabet, Meta, Microsoft, Amazon, and Apple, with insights from Gil Luria of D.A. Davidson
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
