Tag

Stock Conversion

All articles tagged with #stock conversion

finance1 year ago•2 min saved

"Delaware Court Upholds AMC Stock Conversion Amid Market Fluctuations"

AMC Entertainment shares are down after Delaware's highest court upheld a ruling allowing the company to convert its stock to AMC Preferred Equity units (APE). This move, initially met with shareholder resistance due to dilution concerns, was part of a broader strategy to raise capital. The stock has been volatile recently, influenced by renewed interest in meme stocks and the social media return of GameStop trader Keith Gill.

via Benzinga|

#amc #ape-units #delaware-court

finance2 years ago•1 min saved

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.

via MarketWatch|

#amc-entertainment-holdings-inc #debt-elimination #finance

business2 years ago•1 min saved

AMC Faces Class-Action Lawsuit and Stock Value Plummets

AMC Entertainment is facing a new class-action lawsuit from preferred shareholders challenging its stock conversion plan, just days after settling a separate legal battle with another group of investors. The cinema operator recently obtained court approval for a settlement in a class-action lawsuit by common stockholders, allowing it to convert its preferred stock to common shares. However, a holder of the preferred stock claims that the settlement shortchanges them and violates the certificate of designation governing AMC's preferred stock. The lawsuit adds to the company's ongoing legal troubles, which have included objections to shareholder class-action settlements.

via CNBC|

#amc-entertainment #business #class-action-lawsuit

business2 years ago•1 min saved

"AMC Faces New Class-Action Lawsuit for Stock Conversion"

AMC Entertainment Inc is facing a new class-action lawsuit from preferred shareholders challenging its stock conversion plan, just days after settling a legal battle with another group of investors. The lawsuit claims that the conversion plan shortchanges the preferred shareholders and violates the certificate of designation governing AMC's preferred stock. AMC recently received court approval for a settlement in a class-action lawsuit by common stockholders, which allows the company to convert its preferred stock to common shares. The settlement was initially rejected by a judge before being revised and approved.

via Yahoo Canada Finance|

#amc-entertainment-inc #business #class-action-lawsuit

business2 years ago•2 min saved

"AMC Faces New Class-Action Lawsuit for Stock Conversion"

AMC Entertainment Inc is facing a new class-action lawsuit from preferred shareholders challenging its stock conversion plan, just days after settling a different legal battle with common stockholders. The lawsuit claims that the conversion plan shortchanges the preferred shareholders and violates the certificate of designation governing AMC's preferred stock. AMC had recently received court approval for a settlement with common stockholders, providing them with additional shares worth $129 million. The company's stock has been part of the social media-driven trading frenzy in 2021.

via Reuters|

#amc-entertainment-inc #business #class-action-lawsuit

business2 years ago•1 min saved

AMC's Stock Conversion Settlement Denied, Shares Skyrocket

A judge has denied a proposed settlement on AMC Entertainment Holdings' stock conversion plan, which would have allowed the company to issue more shares. The ruling came after the judge determined that the settlement would release potential claims by preferred shareholders who were not represented in the lawsuit or settlement. AMC's common shares surged 69% while its preferred shares dropped 20% in after-hours trading. The company was sued in February for allegedly rigging a shareholder vote to convert preferred stock to common stock and issue new shares. The conversion would dilute common stockholders' ownership but help pay down the company's $5.1 billion debt.

via CNN|

#amc-entertainment-holdings #business #lawsuit

finance2 years ago•5 min saved

AMC Stock Skyrockets as APE Deal Blocked by Judge

AMC Entertainment Holdings Inc. saw its class A shares surge up to 100% in after-hours trading after a Delaware judge denied the company's plan to convert its controversial APE preferred units into common stock. The judge rejected a nine-figure settlement that would have allowed the conversion to proceed, citing concerns about dilution of ordinary shareholders. The ruling sends the case back to the drawing board, as AMC seeks to recapitalize and navigate rising interest rates. The APE units sank as much as 63% in response to the ruling.

via Yahoo Finance|

#amc-entertainment-holdings-inc #ape-preferred-units #delaware-judge

business2 years ago•3 min saved

AMC Stock Skyrockets as Judge Rejects APE Deal

AMC Entertainment Holdings Inc. has been blocked by a Delaware judge from converting its APE preferred units into common stock, causing the company's class A shares to surge up to 100% in after-hours trading. The judge rejected a settlement that would have allowed the conversion while mitigating dilution for ordinary shareholders. The ruling sends the case back to the drawing board, as AMC seeks to recapitalize amid rising interest rates. The APE units, which have been the subject of litigation since February, sank as much as 63%. The shareholder lawsuit accuses AMC of an illegal corporate engineering scheme.

via Bloomberg Law|

#amc-entertainment-holdings-inc #ape-preferred-units #business

finance2 years ago•1 min saved

Citigroup's Catalyst Watch Triggers AMC Share Drop

AMC Entertainment Holdings Inc.'s stock fell after Citigroup opened a downside 30-day catalyst watch, anticipating downward pressure in the coming days. Investors are awaiting a chancery court decision that could allow the company to convert its AMC Preferred Equity units into common stock. Shareholders previously voted in favor of the conversion, but a class-action lawsuit delayed the process. Citigroup expects a ruling in favor of the proposal, which could lead to a convergence in the value of AMC common units and APE units, potentially putting downward pressure on AMC shares.

via MarketWatch|

#amc-entertainment-holdings-inc #ape-units #chancery-court

finance2 years ago•1 min saved

AMC's Stock Conversion Battle Reaches Endgame in Delaware Court

AMC Entertainment Holdings Inc.'s stock fell while its AMC Preferred Equity units (APEs) rose as the company's battle to convert APEs into common stock reached the Delaware Chancery Court. AMC shareholders previously voted in favor of the stock conversion proposal, which is part of the company's efforts to eliminate debt. A settlement agreement has been reached, pending approval from a chancery judge. The largest investor in the APEs, Antara Capital LP, has reduced its stake to below 10%.

via MarketWatch|

#amc-entertainment-holdings-inc #ape-units #debt-elimination

finance2 years ago•3 min saved

Court Ruling Widens Spread Between AMC and APE Shares

The gap between AMC Entertainment Holdings' common stock price and its preferred shares listed under the ticker APE widened after Delaware's Court of Chancery denied the movie theater operator's motion to lift a status quo order, days after the company reached a settlement with retail investors over the stock conversion. The ongoing court case has created uncertainty for risk arbitrage traders looking to capitalize on the spread. They have been betting that the price gap between the two share classes will vanish once the conversion goes through.

via Yahoo Finance|

#amc-entertainment-holdings #ape #court-ruling

business2 years ago•1 min saved

AMC Stock Jumps, APEs Tumble as Court Denies Swift Share Conversion Attempt

AMC Entertainment's shares rose while its preferred equity units (APE) fell after a Delaware court ruled against fast-tracking a proposed settlement with shareholders that would allow a capital raise for the theater chain and meme stock. The settlement would have allowed the conversion of APE stock into AMC stock, but the court ruled that AMC Entertainment is moving too fast. AMC's lawyers had argued that the settlement was contingent on the status quo order being lifted.

via Investor's Business Daily|

#amc-entertainment #ape #business

business2 years ago•1 min saved

AMC Stock Drops as APE Preferred Shares Surge in Settlement Deal

AMC Entertainment's common shares fell by 24% while its preferred shares rose by 21% after the company agreed to settle litigation and proceed with converting its preferred stock into common shares. The company had been accused of violating a law by creating the preferred shares to reduce the voting power of common stockholders. As part of the settlement, AMC has agreed to pay the plaintiffs one share for every 7.5 shares they own, and plaintiffs' lawyers expect the shares paid to be worth over $100 million.

via Reuters.com|

#amc-entertainment #business #litigation