$AMC Entertainment(AMC)$While the box office has recovered this summer and reports about the death of movie theaters appear to be premature, shares ofAMC Entertainment(NYSE:AMC), the largest movie theater chain in the world, continue to astound and confound.

AMC stock most recently cratered, falling 63% since August 11 to $9.42 a share after the company announced plans to issue 517 million preferred shares, called “AMC Preferred Equity.”

The new stocktrades under the ticker symbol “APE,”which is a nod to the retail investors that drove AMC stock higher during the pandemic. The new class of shares began trading on Aug. 22 and has the same voting rights as existing common shares.