BUZZ-Beyond Meat plunges on launching convertible debt exchange offer
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Beyond Meat's shares fell 26% to $2.11 after announcing a convertible debt exchange offer. The stock plunged as much as 56.8% to a record low of $1.23. The company aims to exchange $1.15 billion in convertible notes due 2027 for new convertible PIK notes and common stock. CEO Ethan Brown stated the offer is intended to reduce leverage and extend maturity. The company has faced declining revenue and losses due to weak consumer demand. Analysts largely rate the stock as a sell, with a median price target of $2.42.
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