Beyond Meat Meme Turn Takes Convertible Holders on Wild Ride

Four years ago, Beyond Meat Inc. was able to raise over $1 billion selling a a zero-coupon convertible bond due 2027, taking advantage of rampant bets on the future of plant-based meat products.

Wolverine Asset Management, DE Shaw & Co. and Context Capital Management were among the firms that bought in, only to watch Beyond’s fortunes flag spectacularly as the meatless burger craze faded.

By this year, Beyond had to address the looming maturity from a position of weakness. It launched an exchange offer with existing bondholders through a debt-swap paying 7% interest and additional shares in exchange ...