Six years ago, Beyond Meat was soaring with alt-protein sales and shares over $230 after its IPO. Now, shares have plummeted to $1.04, down 48% in a day. Analysts predict further declines as the company grapples with losses totaling $343m in 2022, despite revenue above $400m annually post-IPO.

Efforts to stabilize Beyond Meat have backfired, leading to share price declines. A debt swap and equity dilution caused shares to plummet 73% this year. The company exchanged $1.11bn in 0% convertible notes for $196.2m in 7% convertible bonds, increasing cash-burn rates by $14m per year.

Beyond Meat’s market cap, once at $3.9bn, is now below $80m. The company’s struggles have led to a 36% drop in shares after announcing a debt exchange. With sales declining globally, the future remains uncertain for Beyond Meat as it navigates financial and operational challenges.

Read more at Yahoo Finance: Beyond Meat’s IPO success story withers into penny stock territory