AMC Entertainment Holdings Inc. is taking aim at its massive debt burden.
AMC Entertainment Holdings Inc.’s push to convert its AMC preferred equity units, or APEs, into common stock is a massive opportunity in the company’s battle to eliminate debt, according to B. Riley Securities analyst Eric Wold.
“Given that APE unit holders essentially control the vote at 64% of combined holdings and may not get another chance to extract value from those units, we expect the two proposals to pass and for this vote to open the door to a massive equity raising opportunity for the company in the coming years,” Wold wrote in a note released Monday.
Related: ‘I am AMC’s largest retail shareholder’ says CEO Adam Aron, reiterating pledge to not sell more stock “If either proposal fails, there is no conversion of APE units into AMC common shares and, we would suspect, APE units could potentially decline to price levels at the time before the announcement on December 22 — or below $1.00,” the analyst added.Over the past two years, AMC has been on a roller-coaster ride that took it from beleaguered pandemic victim to meme-stock phenomenon.
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