Why Beyond Meat Sank 12% in October
Shares of plant-based meat alternatives manufacturer Beyond Meat (NASDAQ: BYND) were sent on a roller-coaster ride in October. A convertible debt exchange that caused the outstanding share count to explode initially sent the stock tumbling. A few days later, the stock was propelled higher in a meme stock rally, fueled in part by an expanded distribution deal with . Reality soon set in, though, sending the stock tumbling anew. Beyond Meat stock ended the month down 12.4%, according to data provided by S&P Global Market Intelligence.
Image source: Beyond Meat.
On Oct. 17, Beyond Meat disclosed that the early settlement of an offer to exchange $1.15 billion in 0% convertible senior notes for a combination of new convertible notes and a large number of common shares had led to substantial dilution for existing shareholders. The holders of the original convertible notes were expected to own approximately 81% of all outstanding shares of common stock.
Source Fool.com
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