AMC, APE Units Slide for Second Day As Share Conversion Nears

Seekingalpha2023-08-23

AMC Entertainment (NYSE:AMC) and AMC Preferred Equity units (NYSE:APE) are both slipping for a second straight day on the threshold of a transformative share conversion the theater chain launched in ...

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Disiaosiao
2023-08-23
Disiaosiao
All algo darkpool high freq trading. It’s all planned out. No apes are leaving. We will win!

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The stock had tumbled 24% Monday.</p><p>Meanwhile, the company&#39;s preferred equity units (APE) were down 11.32% on Tuesday, adding on to Monday&#39;s 7% decline.</p><p>While both securities are declining, the price gap between them is narrowing ahead of AMC&#39;s planned major moves this week: a 1-for-10 reverse stock split to come on Thursday, and the conversion of APEs into AMC common stock on Friday.</p><p>Those moves set the table for AMC to issue a few hundred million new shares to raise capital -- a prospect for dilution that is applying heavy downward pressure to its stock price.</p><p>There&#39;s still a legal matter or two outstanding. After all APEs are converted and delisted on Aug. 25, AMC next week plans a litigation settlement payment of one share of Class A common stock for every 7.5 shares of stock owned by settlement payment recipients.</p><p>The company, though, faces a new class-action suit from different investors over the conversion, which accuses AMC of shortchanging APE investors in the settlement that won approval from Delaware&#39;s Court of Chancery.</p></body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AMC, APE Units Slide for Second Day As Share Conversion Nears</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAMC, APE Units Slide for Second Day As Share Conversion Nears\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-23 07:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4005193-amc-ape-units-slide-for-second-day-as-share-conversion-nears><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AMC Entertainment (NYSE:AMC) and AMC Preferred Equity units (NYSE:APE) are both slipping for a second straight day on the threshold of a transformative share conversion the theater chain launched in ...</p>\n\n<a href=\"https://seekingalpha.com/news/4005193-amc-ape-units-slide-for-second-day-as-share-conversion-nears\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://seekingalpha.com/news/4005193-amc-ape-units-slide-for-second-day-as-share-conversion-nears","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2361661740","content_text":"AMC Entertainment (NYSE:AMC) and AMC Preferred Equity units (NYSE:APE) are both slipping for a second straight day on the threshold of a transformative share conversion the theater chain launched in order to raise new equity.AMC's common shares (AMC) were down 18.27% on Tuesday amid three separate trading halts for volatility. The stock had tumbled 24% Monday.Meanwhile, the company's preferred equity units (APE) were down 11.32% on Tuesday, adding on to Monday's 7% decline.While both securities are declining, the price gap between them is narrowing ahead of AMC's planned major moves this week: a 1-for-10 reverse stock split to come on Thursday, and the conversion of APEs into AMC common stock on Friday.Those moves set the table for AMC to issue a few hundred million new shares to raise capital -- a prospect for dilution that is applying heavy downward pressure to its stock price.There's still a legal matter or two outstanding. 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