AMC plunges as investors approve reverse stock split, APE share conversion
Publishing timestamp: 2023-03-14 16:15:40
Summary
AMC investors have approved a reverse stock split and the conversion of preferred APE shares into common company shares, which will allow the theater chain to continue raising cash, reduce its debt load through stock sales, and increase its share base. However, a Delaware Chancery Court injunction hearing planned for April 27 could delay any new debt-raising action by the company. The vote comes after AMC posted disappointing Q4 earnings, with losses widening due to operating costs and rent exceeding admissions and concessions revenue.
Sentiment: NEUTRAL
Tickers: AMC,
Keywords: movies, business news, entertainment, breaking news: business, business, life, markets, amc entertainment holdings inc,
Source: https://www.cnbc.com/2023/03/14/amc-investors-approve-reverse-stock-split-ape-share-conversion.html