US Markets
Home›US Markets›Equities›Beyond Meat completes 1-for-30 reverse split to restor…
Beyond Meat completes 1-for-30 reverse split to restore Nasdaq compliance
Split-adjusted trading began Aug. 14, and the company must hold a $1 closing bid for 10 straight business days before an Aug. 31 deadline.
Beyond Meat completed a 1-for-30 reverse stock split, with split-adjusted trading beginning Aug. 14, according to Yahoo Finance. The company said the action was intended to help it regain compliance with Nasdaq's $1 minimum bid-price requirement after a prolonged decline.
Beyond Meat also must maintain a closing bid of at least $1 for 10 consecutive business days before an Aug. 31 deadline. The reverse split consolidated 30 pre-split shares into one share, and the company reduced its authorized common shares from 3 billion to 100 million.
Yahoo Finance added that the reverse split does not change Beyond Meat's fundamentals, but the company continues to face weak demand, declining revenue, and significant financial pressure. The article noted BYND shares initially rose more than 10% on Aug. 14, closing at $13.47, before renewed selling pressure followed.
The piece also highlighted the stock's broader performance, with shares down 42.9% year-to-date and 80.6% over the past 52 weeks. It put Beyond Meat's market capitalization at $241.9 million after the split.
Latest closeNasdaq Comp. 26,729.16 ▼0.3%