AMC Stock Tumbles 15% Ahead of Friday's "APE" Conversion

Tiger Newspress2023-08-22

AMC stock tumbles 15% ahead of Friday's "APE" conversion.

According to a filing with the Securities and Exchange Commission last week, AMC Entertainment (ticker: AMC) said Thursday, Aug. 24, would be the last day of trading of AMC Preferred Equity units, also known as APES. APE units will no longer be traded on Aug. 25, and will instead be converted to common stock and result in the trading of a single class of AMC common shares.

The movie-theater’s APE units began trading in 2022 on the New York Stock Exchange to help the company raise capital to help pay off its debt. 

AMC also is planning a reverse 1-for-10 split of its common stock on Thursday.

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Comments

  • HFZFX
    2023-08-22
    HFZFX
    Hodl. No cell no sell. 
  • Disiaosiao
    2023-08-22
    Disiaosiao
    No one is selling. It’s hedge fund High freq trading dropping the price. Very soon the evil SHF n tiger brokers will go belly up
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