AMC Preferred Equity units, also known as APES, will no longer be traded on Aug. 25, and will instead be converted to common stock.
AMC Entertainment Holdings stock was sinking Monday ahead of the long-awaited conversion of preferred equity units to common stock.
The movie-theater’s APE units began trading in 2022 on the New York Stock Exchange to help the company raise capital to help pay off its debt.Shares of AMC were falling 24% Monday to $3.12, and were on pace for their lowest close since January 2021, according to Dow Jones Market Data. The stock has now declined 23% this year.
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