By Caroline Valetkevitch

NEW YORK (Reuters) -Shares of Beyond Meat slumped to a record low on Monday after the maker of plant-based meat launched an exchange offer for convertible bonds to cut more than $800 million in debt.

The stock was last down 32.1% at $1.93, after falling as low as $1.23.

The company last month posted a revenue drop and a wider-than-expected loss, citing weak U.S. consumer demand. It said it was still facing “an elevated level of uncertainty” and will not provide any full-year estimates.

Consumer spending has been affected by economic uncertainty and consumer tastes have been shifting in the plant-based meat market.

The company will exchange its $1.15 billion 0% convertible notes due 2027, with up to $202.5 million of new convertible payment-in-kind 7% notes due

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