Plant-based giant Beyond Meat received a deficiency letter from Nasdaq, warning of a potential delisting risk as its stock price remained below $1 for 30 consecutive business days. The company, which went public in 2019, has until August 31 to bring its stock price back above $1 for 10 consecutive business days to avoid delisting. Options may include a reverse stock split.

The company's stock price has plummeted by 76% over the past year, leading to market cap dropping from $14 billion to less than $350 million. Beyond Meat has been struggling with declining sales and recently announced restructuring its debt. To diversify beyond meat products, the company has launched new product lines such as Beyond Ground and Beyond Immerse. The company also recently rebranded to be known as Beyond the Plant Protein Company in an effort to stay afloat in the public market.