AMC Stock Plummets as APE Preferred Shares Skyrocket in Settlement Agreement
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.