Beyond Meat adjusts warrant exercise price to $1.95 from $3.26

Beyond Meat Inc. (NASDAQ: BYND) adjusted the exercise price of warrants held by Unprocessed Foods LLC to $1.95 per share from $3.26 per share, according to a company filing.

The adjustment was made through a side letter agreement dated December 22, 2025, to account for the company's previous exchange of convertible notes and potential future stock issuances. The number of shares underlying the warrants remains unchanged at 9,558,635 shares total.

Beyond Meat issued the warrants to Unprocessed Foods in two tranches: 3,823,454 shares on June 26, 2025, and 5,735,181 shares on September 18, 2025, in connection with loan drawdowns under a loan and security agreement.

The price adjustment relates to Beyond Meat's October 30, 2025, exchange of its 0% Convertible Senior Notes due 2027 for $209.7 million in principal amount of new 7.00% Convertible Senior Secured Second Lien PIK Toggle Notes due 2030 and 317.8 million shares of common stock.

The company also amended its intercreditor agreement on December 22, 2025, to permit exchanges of second lien obligations for common stock shares. The intercreditor agreement establishes priority rankings for security interests in company assets.

Beyond Meat originally entered into the loan and security agreement with Unprocessed Foods on May 7, 2025, with the warrant agreement setting exercise prices subject to weighted average adjustments for below-market equity issuances.

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