Beyond Meat’s stock collapsed to near $1 a share on Tuesday after the embattled plant-based meat maker finalized a debt exchange deal that handed bondholders hundreds of millions of new shares — effectively wiping out most existing investors.

Shares plunged almost 50% on Monday to close around $1.10 and hovered between $1.03 and $1.10 in Tuesday trading, down more than 76% this year and deep in penny stock territory.

In the summer of 2019, the stock neared $240 a share — its peak price. Since then, the stock has lost more than 99% of its value. 3

The free fall followed an announcement that nearly all of Beyond Meat’s creditors had agreed to swap existing notes for new debt due in 2030, a move that will sharply dilute current shareholders.

The California-based company, once val

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