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22.12.2022 - 17:35 / deadline.com
Shares in top exhibitor AMC Entertainment fell 25% ahead of today’s market opening after the company said it plans to pursue a reverse stock split and has raised $110 million from the sale of “APE” shares.
The often-volatile shares, which rode a meme-trading wave up to almost $60 in 2021 despite major disruptions to theatrical moviegoing, have recently been trading in the $5 range. They fell below $4 before the opening bell, their lowest point since the depths of the pandemic in 2020.
The company packed several news items into a press release. It said its board of directors will convene a special meeting for holders of both AMC common shares and APE units, with votes tallied together. On the agenda will be a proposal to increase the authorized number of AMC common shares to permit the conversion of APE units into AMC common shares and another plan to initiate a reverse-split of AMC common shares at a 1:10 ratio. A final proposal going before shareholders is one to “adjust authorized ordinary share capital” in such a way that the company could issue additional common equity as it currently can with APEs.
CEO Adam Aron said the moves are intended to “simplify our capital structure” and achieve more parity between AMC common shares and APEs. Reverse splits reduce the total amount of shares outstanding and are typically done by companies looking to avoid delisting or improve their standing with investors.
Another headline in the release was AMC’s disclosure that it will raise $110 million of new equity capital through the sale of the recently introduced “APE” preferred equity units to Antara Capital. The two tranches will have a weighted average price of 66 cents a share. APEs, which the company introduced earlier this
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