Krispy Kreme’s stock suffering a record plunge after the doughnut seller scraps its dividend, reassesses its McDonald’s arrangement and reports downbeat results.

Shares of Krispy Kreme ( DNUT) were recently down roughly 20%, extending their year-to-date decline to the neighborhood of 65% and exploring hot, fresh lows since their 2021 IPO. A raft of downbeat news weighed heavily on the shares, which this morning were changing hands around $3.50 apiece.

Krispy Kreme Inc. will no longer pay quarterly cash dividends in order to pay down its debt and focus on growth, the company said on Wednesday.