Beyond Meat Stock Drops 8% Following $250 Million Securities Sales Plan

Beyond Meat Stock Drops 8% Following $250 Million Securities Sales Plan March 19, 2024, 12:52 p.m., readers: 5

Beyond Meat (NASDAQ:BYND) shares dropped over 8% intra-day today following the company's announcement about its potential plan to offer and sell securities worth up to $250 million through various transactions. The offering could include an array of securities, such as common and preferred stocks, debt securities, warrants, purchase contracts, and units. This announcement comes on the heels of Beyond Meat's earnings report released in late February, which revealed the company had $205.9 million in cash and equivalents and $1.1 billion in debt as of December 31. However, the filing did not confirm the commencement or certainty of any sales. Despite this news, Beyond Meat's stock had seen an over 15% increase in the past month, largely buoyed by its earnings results, but remains down by 6.6% for the year.