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Beyond Meat stock tanks to $1 after debt swap deal dilutes company shares

Beyond Meat’s stock collapsed to near 1ashareonTuesdayaftertheembattledplantbasedmeatmakerfinalizedadebtexchangedealthathandedbondholdershundredsofmillionsofnewshareseffectivelywipingoutmostexistinginvestors.Sharesplungedalmost501 a share on Tuesday after the embattled plant-based meat maker finalized a debt exchange deal that handed bondholders hundreds of millions of new shares — effectively wiping out most existing investors.Shares plunged almost 50% on Monday to close around 1.10 and hovered between 1.03and1.03 and 1.10 in Tuesday trading, down more than 76% this year and deep in penny stock territory.In the summer of 2019, the stock neared $240 a share — its peak price. Since then, the stock ...