Beyond Meat Shares Plunge as Debt Restructure Sparks Panic
Beyond Meat shares fell 14% Wednesday to $0.67, near all-time lows after a debt-for-equity swap triggered a 60% plunge last week. Nearly 97% of its $1.15 billion notes will convert to new debt and 316 million shares, flooding the market after an Oct. 17 lockup expires. Q2 sales dropped 19.6% year-over-year, and analysts rate the stock a “Strong Sell.” The company holds $117 million cash against $1.2 billion in debt.