The Spread Between AMC and APE Shares Is Narrowing

Bloomberg2023-04-05

AMC commmon shares slump, APE preferred unit jumps on TuesdayProposed settlement fuels optimism on traders’ conversion betsThe gap between AMC Entertainment Holdings Inc.’s common-stock price and its ...

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Comments

Vincentan59
2023-04-05
Vincentan59
Wow, price is not moving instead it going downward 🙀🙀🙀🙀🙀
sunflower19
2023-04-05
sunflower19
Ok

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That put the spread at $2.23, shrinking from $3.63 at Monday’s close and at its tightest level since February. The company announced the one-for-one exchange proposal last year as part of AMC’s broader strategy to raise cash and keep the lights on.“The settlement clears the path for APE’s conversion into AMC shares,” said Nick Pappas, Churchill Capital’s risk arbitrage analyst. “Pending court approval, AMC will effect the increase in its share authorization and reverse stock split, permitting the conversion of APE units into AMC shares.” Risk arbitrage traders have been looking to capitalize on the spread, betting that the price gap would vanish once the conversion goes through. While the proposed plan received investor approval, the court case had created uncertainty. The meme-stock posterchild also rallied last week on a report that Amazon.com Inc. was weighing an offer.“For arbitrageurs, this investment was a battle given the extremely high borrow cost to short AMC, along with the significant volatility of the spread,” said Julian Klymochko, the chief executive officer of Accelerate Financial Technologies. For AMC, this settlement also “clears the deck” for a potentially massive equity raise, according to B Riley analyst Eric Wold. 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