An AMC lawsuit settlement brought the company a step closer to its plan to convert APE to common stock and potentially raise more capital.
An AMC Theatre on March 29, 2023 in New York City. AMC Entertainment shares jumped as much as 13%, following a report that Amazon was looking to buy the theater chain.' shares fell 19% on Tuesday and preferred shares rose 14% after a lawsuit settlement brought the company a step closer to its plan to convert APE to common stock and potentially raise more capital.
with some shareholders who had claimed that the creation of APE was an attempt to circumvent their will and could dilute their stake.have lost more than 70% since they were issued in August as part of a plan to pay down the company's debt. AMC in 2021 raised $1.8 billion by issuing common shares to capitalize on the meme stock frenzy.
Meanwhile, AMC common shares' market capitalization stood at $2.65 billion and APE at $1.39 billion as of Monday's close, giving the company a combined market value of $4 billion.
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