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
The weak performance of business investment across the OECD since the Global Financial Crisis holds…
The US dollar has dominated the international monetary system since the end of Bretton Woods.…
Solid waste is one of the most visible by-products of human prosperity—and one of the…
Climate mitigation investment increases with long horizons, economic scale and investor diversity, underscoring long-term capital…
China is relatively inured to the Iran conflict, but less external demand could hit its…
The composition of international reserves is in a constant state of flux. This column identifies…