US EditionBeyond Meat Shares Drop Below $1 on Investor Concerns
Beyond Meat’s debt swap raises interest to 7% and issues up to 326 million new shares, causing a 45% share price drop and significant shareholder dilution.
- On Monday, Beyond Meat shares plunged and closed at $1.04 after the company announced a debt-restructuring plan that delays repayment and raises costs, cutting shares in half.
- The company said nearly all creditors accepted the swap of 0% convertible notes due 2027 for $202.5 million in debt maturing in 2030 and up to 326 million new common shares.
- Beyond Meat reported a 19.6% drop in net revenue to $75 million in the quarter and suspended operations in China earlier this year amid weak demand for products.
- Trading below $1 on Tuesday raises delisting concerns under Nasdaq rules as shares opened lower and fell mid-day, putting investors at risk.
- Once the darling at its 2019 IPO, Beyond Meat now faces a test of investor confidence as net revenue fell 15% in the first six months of this year, contrasting its celebrity backers Bill Gates and Leonardo DiCaprio.
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Beyond Meat Stock Crashes to $1 After Debt Deal Dilutes Shareholders - Real News Now
Beyond Meat’s stock price collapsed to near $1 per share this week, marking a staggering downfall for the once high-flying plant-based meat company. The drop follows a debt exchange agreement that drastically diluted the value of existing shares and sent investors fleeing. On Monday, shares plummeted nearly 50%, closing at $1.10. By Tuesday, they hovered around $1.03 — a far cry from the company’s 2019 peak of $240. Beyond Meat has now lost over…
Maker of Scary Meat - 'Beyond Meat' - Trades for Under $1
Fake food sellers Beyond Meat (NASDAQ: BYND) crashed the most on record. They had just announced that nearly all creditors agreed to a debt-swap deal that massively dilutes equity shareholders. BYND wrote in a press release that 96.92% of holders of its 0% Convertible Senior Notes due 2027 agreed to
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