• Loading stock data...
Business News

AMC Entertainment to effect 10:1 reverse split on Aug. 24

 AMC Entertainment Holdings said on Monday its 10-to-1 reverse stock split will take place on Aug. 24 and its preferred shares “APE” will be converted to common stock on Aug. 25.

The common shares of the theatre chain operator fell 38% to $3.25 in premarket trading, while its preferred shares rose 18% to $2.09.

AMC aims to increase its Class A common stock to 550 million from about 524 million, it said in a regulatory filing.

The company would make a settlement payment of one Class A common stock for every 7.5 Class A shares to the entitled shareholders after the reverse stock split.

The move follows a revised stockholder settlement, which was approved by a Delaware judge last week.

AMC was sued in February for allegedly rigging a shareholder vote that would allow it to convert preferred stock to common stock and issue hundreds of millions of new shares.

Source : Reuters

GLOBAL BUSINESS AND FINANCE MAGAZINE

GLOBAL BUSINESS AND FINANCE MAGAZINE

About Author

Leave a comment

Your email address will not be published. Required fields are marked *

You may also like

Business

If it doesn’t trade, is it really marketable debt?

When it comes to encouraging fiscal discipline, euro-area policymakers want the market to be part of the solution. This will
Business Technology

How to fix the European Union’s proposed Data Act

The draft European Union Data Act, proposed by the European Commission in February 2022, aims to fill a big gap in