AMC shares rise premarket, as APE units reach the end of the road
AMC Entertainment Holdings Inc. saw a 2% rise in premarket trades amidst its reverse stock split and conversion of AMC Preferred Equity unit stock.
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AMC Entertainment Holdings shares are falling ahead of a reverse stock split, causing the number of shares to increase, and the stock conversion is being done to strengthen the company's financial position and pursue growth opportunities.
AMC Entertainment Holdings, a unique movie theater chain, has garnered more attention for its stock and APE shares than for the films it screens.
AMC Entertainment's stock dropped 21% ahead of its stock conversion, part of the company's efforts to eliminate debt and increase authorized common shares.
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AMC Entertainment Holdings stock surges ahead of the APE conversion and receives an upgrade from Wedbush analysts.
AMC Entertainment's stock and its Preferred Equity unit (APE) took hits, with AMC sliding nearly 27% and APE losing almost 20% in Thursday's trading, as AMC engaged in a 1-for-10 reverse stock split and the APE unit is set to be incorporated into the AMC stock; despite this, Antara Capital's sale of AMC suggests that it no longer regards the company as a distressed asset.
AMC Entertainment Holdings will convert its preferred equity units to common stock during Friday morningās opening bell, a move traders have been anticipating all week.
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Shares of AMC Entertainment fell 20% after the theater chain announced plans to sell up to 40 million new shares to raise cash, following the successful conversion of preferred APE shares into common stock and the settlement of a lawsuit objecting to the move.
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