Overview
- Shares rocketed roughly 1,300% over four days to an intraday high near $7.69 before reversing sharply on Wednesday and falling again on Thursday premarket.
- Short sellers have racked up more than $120 million in mark-to-market losses since last Friday, S3 Partners said, with short interest near half the float and millions of shares covered.
- Retail momentum was stoked by BYND’s addition to Roundhill’s Meme Stock ETF, a Walmart rollout to 2,000-plus stores including a new six-pack burger, and promotions by Dubai trader Dimitri Semenikhin.
- A recent debt-for-equity swap pushed maturities to 2030 and adds roughly 316 million new shares, leaving creditors poised to control most of the equity and severely diluting existing holders.
- Trading has been extraordinarily heavy, with daily volume reaching into the billions of shares and options activity pointing to extreme volatility that analysts warn is disconnected from weak sales and persistent losses.