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HomeAltcoinsAMC Entertainment stocks price plummeted after APE debut: Adam Aron

AMC Entertainment stocks price plummeted after APE debut: Adam Aron

AMC Entertainment’s (AMC) new preferred dividend, which trades under the ticker symbol APE, was suspended and dropped more than 20% from its opening price on the New York Stock Exchange (NYSE) minutes after it debuted on August 22. The new shares, dubbed “preferred equity units” by AMC and “designed to have the same economic worth.

 CEO OF AMCTheatres , Adam Aron tweeted:

AMC stockholders began receiving APE units through their brokers. Each share of common stock that a shareholder owns is worth one APE. The APES opened at $6.95 and will have the same economic worth and voting rights as common stock. After briefly resuming trading at $9.49, they climbed to almost $10 before ending the session down more than 13% at $6.

The firm is currently issuing 517 million APEs, and the board has authorised the issuance of up to one billion of the securities. AMC now has a new currency it may use to invest in “shareholder value-enhancing and transformative M&A investment possibilities” and strengthen its balance sheet by reducing debt and other liabilities. These are two advantages of APES for the company.

The biggest rival of the movie theatre chain, Cineworld, admitted that it is considering seeking Chapter 11 bankruptcy protection in the US. On Friday, Cineworld, a British firm that manages Regal theatres in the US, had a record low. In order to pay off debts accumulated as a result of the pandemic and its failed buyout of Canada’s Cineplex, the group stated  one of its options. The Regal and Cineworld theatres are still open for business and welcome guests and members.

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