Beyond Meat Stock Is Getting Cooked After The Close: What's Going On？ - Beyond Meat (NASDAQ:BYND)

　　Beyond Meat IncBYND shares are crumbling in Wednesday‘s after-hours session as investors digest a report suggesting the company’s liquidity position has weakened.

　　What Happened:According to a Wall Street Journal report published after the market close on Wednesday, Beyond Meat has reached out to a group of bondholders to start discussions about a potential restructuring of its balance sheet.

　　People familiar with the matter reportedly said the group of bondholders, which own some of Beyond Meats $1.1 billion of convertible notes, are working with law firm Akin Gump Strauss Hauer & Feld on the matter.

　　Beyond Meat stock has been stuck in a downtrend since the summer of 2021 as the company continues to burn through cash. The plant-based meat company had $173.5 million in cash and cash equivalents as of March 30.

　　In Beyond Meats most recent earnings report, the company noted its operating environment continued to be affected by uncertainty related to macroeconomic issues including “ongoing, further weakened demand in the plant-based meat category.”

　　Beyond Meat is due to report earnings again in early August, although a date has not yet been confirmed by the company. According to estimates from Benzinga Pro, analysts are anticipating a loss of 51 cents per share on revenue of $87.808 million.

　　BYND Price Action:Beyond Meat shares were down 16.32% after hours at $6 at the time of publication, according to Benzinga Pro.

　　Photo: Courtesy of Beyond Meat.

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