Beyond Meat, Inc. (BYND) shares plummeted 5.75% in Wednesday's intraday trading, erasing the previous day's gains and highlighting the volatility surrounding the plant-based meat company. The sharp decline comes on the heels of the company's announcement regarding the final tender results of its exchange offer for convertible notes.

The company revealed that an additional $2,738,000 in aggregate principal amount of its existing convertible notes was tendered following the early tender date. This brings the total tendered notes to 97.16% of the aggregate outstanding principal amount. While the exchange offer aims to restructure Beyond Meat's debt, investors appear to have reacted negatively to the news, possibly due to concerns about dilution or the company's financial position.

The dramatic swing in Beyond Meat's stock price - from a 9.12% surge on Tuesday to today's sharp decline - underscores the current volatility in the stock. Tuesday's rally was attributed to increased bullish options activity among retail traders, demonstrating the stock's popularity among meme stock enthusiasts. However, the fundamental news of the exchange offer seems to have overshadowed the recent speculative trading, leading to today's significant sell-off.