Amc stock ape
On Friday, the movie theater chain's preferred equity units, dubbed APE shares, are set amc stock ape be transformed into common stock just one year after they began trading on the New York Stock Exchange.
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Amc stock ape
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Stock can be either common or preferred.
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By Etan Vlessing. Canada Bureau Chief. During a special shareholders meeting held on Tuesday, a preliminary report was announced to indicate the APE conversion proposal passed with million votes, or 88 percent of those cast, OKing the measure, and another million votes, or Just under one percent of shareholders abstained. The wider goal is giving AMC more flexibility to issue additional common equity in the future. The results of the special shareholders meeting paves the way for the exhibition giant to continue raising fresh cash to reduce its debt load by selling stock, instead of APE units, and increasing its authorized share base.
Amc stock ape
Wedbush also upgraded AMC to neutral from underperform. Related:What's next for AMC after court approval of revised stock-conversion plan? The stock-conversion plan is part of the movie-theater chain and meme-stock darling's ongoing battle to eliminate debt. Related: Famed short seller Marc Cohodes rails against 'sociopath' critics and says he lost 'a million dollars' on AMC bet in wild interview. Wedbush's Reese notes that AMC's reverse stock split takes place Thursday, reducing its common share count to 52 million.
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Competitor Regal Cinemas announced a potential bankruptcy, which caused hysteria in the movie theater industry. Cineworld, the parent company of Regal Cinemas and the second-largest movie theater circuit in the world, says admission levels are poised to remain low through November of this year.
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