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 Walmart. 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.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool