AMC stock plunges 25% after company agrees to stock-conversion settlement
AMC Entertainment Holdings Inc. AMC, +2.00% stock dropped more than 25% in the extended session Monday after the movie-theater operator said in a filing that it has agreed to settlement terms relating to a shareholder litigation around a stock conversion. The terms of the settlement would open the way for AMC’s proposal to convert its AMC Preferred Equity, or APE APE, +0.
68%, units into shares of common stock, alongside a 10-to-1 reverse stock split and the capacity to sell more shares, which shareholders supported in mid-March but had faced court proceedings. Shares of AMC ended the regular trading day up 2%. APEs were up around 24% in the extended session. A final settlement is subject to a formal agreement and court approval; terms also include payment to the plaintiffs of about 4.4% of AMC’s stock, or about 6.9 million shares.
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