Beyond Meat plunges after co announces 1-for-30 reverse stock split
BYND•Shares fall after reverse split announcement
- Shares of faux meat maker Beyond Meat BYND.O were down 13% at $0.45 in premarket trading.
- The company announced a 1-for-30 reverse split of its common stock intended to help BYND regain compliance with the minimum bid price required to continue listing on Nasdaq.
- The company's common shares are scheduled to start trading on the Nasdaq Global Select Market on a split-adjusted basis at market open on August 14.
- The number of authorized shares of common stock will be reduced from 3,000,000,000 to 100,000,000.
- The company last week forecast third-quarter revenue above Wall Street estimates as resilient demand in its international segment helped counter declining U.S. sales.
- As of the last close, the stock was down 36% year to date.
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