AMC stock gets crushed ahead of APE stock conversion
AMC shares have plummeted after the company announced that Thursday, August 24th would be the last day for trading of its preferred APE shares. The shares will be converted to common stock. Yahoo Finance Live breaks down the story.
Also watching shares of AMC cratering today down over 17%, now more than 18% as the movie theater chain says Thursday will be the last day of trading of its preferred equity units also known as APE shares. Now, the APE units will be converted to AMC common stock on Thursday, plus the company is planning a 1 for 10 reverse stock split.
Now, the share upheaval happens just a year after AMC created its preferred shares. Movie theater chain was sued in February for allegedly rigging a shareholder vote to approve the stock conversion. A settlement payment in response to this lawsuit has been approved by a Delaware judge and will be issued. $AMC Entertainment(AMC.US$ $AMC Preferred Equity Unit(APE.US$
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