Shares of AMC are on pace to extend a two-day losing streak.
AMC Entertainment Holdings Inc.’s stock fell 21% Wednesday ahead of the movie-theater chain and meme-stock darling’s stock conversion this week.
Shares of AMC AMC, -18.24% are on pace to extend a two-day losing streak after ending Tuesday’s session down 18.3%. The stock ended Monday’s session down 23.7%, its largest daily percentage decline since Aug. 14. The conversion of AMC Preferred Equity units APE, -3.46% will result in the trading of a single AMC common share class and is part of the company’s ongoing battle to eliminate debt. AMC is also planning a reverse 1-for-10 split of its common stock and an increase in its authorized common shares.The APEs fell 5.1% Wednesday. The APE name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as “apes” or “ape nation.
In a Form 8-K filed with the SEC last week, AMC explained that the reverse stock split is expected to occur on Aug. 24, which is also the record date set for a litigation-settlement payment as of the close of business that day. Conversion of APEs into AMC common stock is expected to occur on Aug. 25, with the APEs ceasing trading that day and subsequently being delisted from the New York Stock Exchange.
Contingent upon the reverse stock split and conversion, AMC will make a settlement payment consisting of one share of Class A common stock for every 7.5 shares of Class A common stock owned by settlement-payment recipients as of Aug. 24, the company said in its filing.
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