AMC Stock Plummets as APE Preferred Shares Skyrocket in Settlement Agreement
TL;DR Summary
AMC Entertainment has reached a settlement with plaintiffs in a shareholder lawsuit regarding its stock conversion plan, allowing it to convert its AMC Entertainment Preferred shares into common stock. The news caused AMC stock to plunge 22% and APE stock to soar 22% after hours. The settlement still needs court approval, but if granted, AMC will also be allowed to carry out a 1-to-10 reverse stock split and sell more shares.
Topics:business#amc-entertainment#ape-stock#business#settlement#shareholder-lawsuit#stock-conversion-plan
- AMC Stock Dives, APE Preferred Shares Soar On Stock Conversion Settlement | Investor's Business Daily Investor's Business Daily
- AMC stock plunges 22% after company agrees to settlement terms, opening up for APE conversion MarketWatch
- AMC slides, APEs rise on filed settlement of stock conversion lawsuit (NYSE:AMC) Seeking Alpha
- AMC Entertainment Settles Shareholder Lawsuit Deadline
- AMC stock slumps, 'APEs' jump after litigation deal Reuters
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