AMC Preferred Equity units, also known as APES, will no longer be traded on Aug. 25, and will instead be converted to common stock.
AMC Entertainment Holdings stock 24% sank Monday and were down another 16% on Tuesday ahead of the long-awaited conversion of preferred equity units to common stock.
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.Shares of AMC fell 24% Monday to $3.12, their lowest close since January 2021, according to Dow Jones Market Data. They were down another 15% to $2.66 in Tuesday trading. The stock has now declined 38% this year.
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