Beyond Meat, Inc. (BYND) shares plummeted 14.19% to $0.67 during Wednesday's trading session, marking its third consecutive day of losses. The plant-based meat alternative company's stock underperformed the broader market, with the NASDAQ Composite Index rising 0.7% and the Dow Jones Industrial Average remaining mostly unchanged.

The sharp decline comes as Beyond Meat announced the early settlement of its exchange offer for its 0% Convertible Senior Notes due 2027. According to the company, approximately 96.92% of the outstanding principal amount of these notes was tendered and accepted. In exchange, Beyond Meat expects to issue $196.2 million in new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and approximately 316.2 million shares of common stock.

While the debt restructuring aims to reduce leverage and extend debt maturity for the company, the issuance of such a large number of new shares has led to significant dilution for existing shareholders, explaining the sharp drop in stock price. The early settlement is expected to occur on the same day as the stock's plunge, highlighting investors' immediate negative reaction to the news. With this latest decline, Beyond Meat's stock is now trading 90.0% below its 52-week high of $6.70, reached just a day earlier on October 16th, underscoring the severe impact of this financial maneuver on investor sentiment.