AMC Entertainment's shares slid 35% on Monday on fears that the approval of a revised stockholder settlement will allow the company to issue more shares to raise capital, a move that will dilute the worth of each common share.
Adam Aron, Chairman of the Board and CEO, AMC Entertainment, speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S., October 18, 2021. REUTERS/David Swanson/File Photoshares slid 35% on Monday on fears that the approval of a revised stockholder settlement will allow the company to issue more shares to raise capital, a move that will dilute the worth of each common share.
The preferred stock units called "APE" , which trade at a significant discount to common shares, jumped 15% to $2.05., AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan.The ruling allows AMC to follow through with a plan, announced in March, to convert preferred share units into common stock, a one-for-ten reverse share split and potentially sell more shares to help pay down some of its $5.
Wedbush analysts said they expect AMC and APE shares to converge around $3 per share before the conversion.AMC, which was at the heart of the meme stock mania in 2021, launched preferred "APE" units as a special dividend last year in a nod to retail investors who call themselves "apes" on social media such as Reddit and Twitter.
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