The difference will not be refunded and may not be applied to surcharges and/or upgrades. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines. Exchange Tickets Terms and Conditions AMC Exchange Tickets and Show Snacks Terms & Conditions Depending on the time, date and location of redemption, the amount paid for these tickets may be higher than the posted box office admission price. On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. Investors can also likely understand why some shareholders don’t support the move and/or want to delay the vote. Moving forward, AMC Entertainment wants to hold a vote (with both classes of stock) to vote on converting the APE units into common stock and on a 1-for-10 reverse stock split.Īs you can see, it’s a rather complex situation with AMC stock. Further, “Antara, a current AMC debt holder, will also exchange $100 million principal amount of 2nd Lien Notes due 2026 for approximately 91.0 million APE units thereby reducing AMC’s outstanding debt by $100 million.” Specifically, AMC announced a plan to sell $110 million in APE equity to Antara Capital, LP. The vote was set in late January and is part of a bigger plan. Conversely, it should be no surprise that APE stock is currently down on the day, off about 5%. This raises the prospect that naked short selling is taking place with AMC stock. Shares of AMC stock are rallying so strongly on the news because the impact of converting the APE stock to AMC stock would be dilutive. AMC Entertainment’s ( AMC) stock is confirmed to be on the New York Stock Exchange’s threshold list. Aron as an exercise in ‘3-D chess’ - devised to achieve a simple aim: eviscerating the voting power of AMC’s Class A stockholders in order to force through approval of a proposed dilutive share count increase that those stockholders repeatedly had rebuffed and were not willing to support at the corporate ballot box.” “This Action challenges a course of complex and disloyal corporate engineering by the Defendants - described by AMC’s Chief Executive Officer and Chairman, Defendant Adam M. They are doing so in Delaware’s Court of Chancery with the goal of obtaining a temporary restraining order against the company’s planned conversion vote for its AMC Entertainment Preferred Units (NYSE: APE) - commonly known as APE shares - currently scheduled for March 14th. That also includes CEO Adam Aron, the company’s vocal leader. Specifically, the “Allegheny County Employees’ Retirement System is pursuing a class-action complaint” against the firm, as well as its board members. The gains come amid potential legal action against the company. That’s with the S&P 500 and Nasdaq down 1.9% and 2.2%, respectively. Either way, it’s considerably better than the overall market. That’s as AMC stock is up about 10% so far on the day.Īt its session high, shares were up 18.3%. However, that volatility is actually favoring bulls. Shares of AMC Entertainment (NYSE: AMC) have been volatile on Tuesday, the first trading session of the holiday-shortened trading week.
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