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00:02Beyond Meat shares fell below $1 on Tuesday after the company said it would issue new
00:06shares to cut debt, according to the AP. Beyond Meat's sales continued to slump with net revenue
00:10falling 15% in the first half of the year amid weak demand for its products. Beyond Meat said
00:15most holders of its convertible notes agreed to reduce debt by $800 million and extend maturity
00:20to 2030. That includes issuing up to $326 million new shares, alarming investors over dilution.
00:25The stock opened at $0.92, dropped 12% in midday trading, putting Beyond Meat at risk of NASDAQ
00:31delisting if prices stay below $1 for 30 days. CEO Ethan Brown said the company plans to rebrand
00:37under Beyond and expand Beyond Meat substitutes into new protein categories. Shares are down
00:4273% this year as demand for its plant-based products continues to weaken.
00:46For all things money, visit Benzinga.com.
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