(Bloomberg) — Beyond Meat Inc. (BYND) tumbled the most since the company went public in 2019 after the troubled plant-based protein producer said nearly all creditors had accepted a debt swap that will lead to a substantial dilution of shareholders.
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The stock sank as much as 58% to 84.5 cents in early trading, its worst-ever intraday decline. The shares had already fallen 47% this year through Friday.
Based on the latest results, the company said it’s expected to issue 316 million new shares. The plan, which was disclosed in September and drove down the shares, aims to reduce leverage. If all holders decide to convert their notes, they would own 88% of the stock, according to an earlier filing.
Beyond Meat has been facing weakening consumer demand for meat alternatives in the US, its biggest market. Sales fell about 20% last quarter to $75 million.
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