AMC Entertainment Shares Plunge Ahead Of Opening Bell After Company Reveals Plan For Reverse Stock Split, $110 Million Sale Of ‘APE’ Equity To Antara Capital
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deadline.comShares in top exhibitor AMC Entertainment fell 25% ahead of today’s market opening after the company said it plans to pursue a reverse stock split and has raised $110 million from the sale of “APE” shares.
The often-volatile shares, which rode a meme-trading wave up to almost $60 in 2021 despite major disruptions to theatrical moviegoing, have recently been trading in the $5 range.
They fell below $4 before the opening bell, their lowest point since the depths of the pandemic in 2020. The company packed several news items into a press release.
It said its board of directors will convene a special meeting for holders of both AMC common shares and APE units, with votes tallied together.
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