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AMC's (AMC) stock sank 7% on Thursday after the country's biggest cinema operator proposed a reverse stock split and a conversion of its preferred equity units into common shares.
AMC also executed a 10-for-1 reverse stock split at the time. AMC CEO Adam Aron previously said the stock conversion was crucial to AMC having proper cash balances in 2024 and 2025.
AMC stock gained 19% to $22.18 at the close on Friday after initially falling following the announcement of the new units on Thursday. The preferred shares started trading under the "APE" ticker on the New York Stock Exchange starting Aug. 22. AMC CEO Adam Aron stated "We are making great strides on our path towards pandemic recovery".
A stock split or stock divide increases the number of shares in a company. For example, after a 2-for-1 split, each investor will own double the number of shares, and each share will be worth half as much. A stock split causes a decrease of market price of individual shares, but does not change the total market capitalization of the company ...
The company said it plans to use the proceeds “to bolster liquidity, to repay, refinance, redeem or repurchase its existing indebtedness,” and general corporate purposes.
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In July 2022, GameStop — the fairy-tale stock at the center of history’s greatest short squeeze — announced a 4-for-1 stock split. That’s just one of many tech-related splits that have ...
Additionally, a 1-to-10 reverse stock split is scheduled for August 24, according to an SEC filing, meaning every 10 shares held by an investor will now become one share but at a higher value.