(Reuters News) -Shares of Beyond Meat ( BYND ) tumbled more than 60% on Monday after the plant-based meat maker announced an early settlement of an exchange offer for convertible bonds as it seeks to reduce debt following years of struggling sales.

Nearly 97% of its bondholders agreed to swap their old debt for new notes and shares, the company said in a filing on Monday. It will issue new debt and stock to settle the deal early, aiming to reduce its financial burden.

Beyond Meat ( BYND ) had launched an exchange offer for convertible bonds in September to cut more than $800 million in debt.

According to its latest annual filing, the company had about $1.3 billion in debt, as of December 31, 2024.