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
Safe government bonds enjoy a discount known as the convenience yield. When a government issues…
The most important urban decisions of this century are being made right now, mostly in…
We are living through two megatrends humanity has never seen before. The first is aging.…
For decades, foreign direct investment (FDI) was seen as the primary engine of development finance.…
The rapid diffusion of generative AI has revived fears that a new wave of automation…
Academic freedom has been declining over the past decade across the world. This column analyses…