AMC Stock: AMC’s APE Court Hearing Is Just 2 Weeks Away

InvestorPlace2023-06-16

AMC stock has been having something of an identity crisis as it looks to convert its APE Preferred Equity units into AMC common stock.With just two weeks until the movie theater company faces a ...

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William_Chow
2023-06-16
William_Chow
Keep FUD, more bullish for the stock #MOASS
HOCK
2023-06-16
HOCK
Keep stirring.. love it

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Indeed, the stage is set for a June 29 to June 30 Delaware court hearing on the company’s plan to convert APE preferred equity units into common stock shares as part of its latest funding efforts.What do you need to know about AMC’s latest legal debacle?Well, AMC is attempting a rather interesting form of equity manipulation in order to raise funding. The company is not only attempting to convert APE units into AMC common shares, but also to perform a reverse split and to issue additional shares.The plan has apparently earned a mix of emotions from shareholders, many of whom have reached out to Delaware Court of Chancery Vice Chancellor Morgan Zurn to express their concerns about the proposed settlement. Zurn noted:“Some letters request that I reject the settlement, some state the author objects to the settlement, and some express a desire to opt out of the putative class. The Court views these letters as suggestive that it may receive a far higher number of objections to the forthcoming proposed settlement than it receives in a typical case.”It’s unclear exactly how this case will shakeout. Regardless, expect June 29 to June 30 to be an interesting couple of days for the movie theater company.Investors Mixed on AMC Stock With APE Court Hearing ApproachingIt seems that investors are looking forward to higher value AMC stock shares via the company’s planned reverse stock split, but remain unsure over APE’s fate. Indeed, while AMC stock closed down by almost 3% on Thursday — contributing to its 10% losses over the past six months — APE actually closed higher by about 5% at $1.69 on Thursday.It’s unclear just how AMC’s equity scheme will play out later this month. 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