Beyond Meat, Inc. (BYND) shares soared 11.09% in pre-market trading on Thursday, marking a significant turnaround for the plant-based meat alternative producer. The surge comes on the heels of the company's announcement of a successful debt restructuring initiative and major changes to its board of directors.

The company reported that approximately 96.92% of its outstanding 0% Convertible Senior Notes due 2027 were tendered and accepted in an exchange offer. As part of this restructuring, 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. This move effectively reduces the company's debt burden by $800 million and extends its debt maturity, providing much-needed financial flexibility.

In addition to the debt restructuring, Beyond Meat announced significant changes to its board of directors. Founder and CEO Ethan Brown, along with director Nandita Bakhshi, have resigned from the board. They are replaced by two new directors: Alexandre Zyngier, managing director of a private investment firm, and Raphael Thomas Wallander, CEO of a consulting platform. These board changes signal a potential shift in the company's strategy and governance.

The pre-market rally represents a dramatic reversal from the previous day's performance, where Beyond Meat's stock had tumbled 14.18% to close at $0.67. Investors appear to be responding positively to the company's efforts to address its financial challenges and reshape its leadership, viewing these moves as steps in the right direction for Beyond Meat's long-term prospects in the competitive plant-based meat market.