AMC Stock Plummets as APE Conversion Looms

AMC Entertainment Holdings Inc.'s stock fell 21% ahead of its stock conversion, as the movie-theater chain aims to eliminate debt. The conversion of AMC Preferred Equity units will result in the trading of a single AMC common share class. AMC is also planning a reverse 1-for-10 stock split and an increase in authorized common shares. The APEs, referring to meme stock investors, fell 5.1% on Wednesday. AMC's stock decline follows a two-day losing streak and is the largest daily percentage decline since August 14.