Capital-raising plan sends AMC shares plummeting in premarket as APEs soar
Shares of AMC Entertainment Holdings Inc. AMC, +4.33% plunged 20.6% toward 22-month lows, after the movie theater operator announced a $110 million equity capital raise and said it was seeking a 1-for-10 reverse split of its common stock. The company’s board of directors was looking to hold a special meeting for holders of its common stock and of the AMC Preferred Equity Units APE, +1.
Separately, the company said it was raising $110 million of new equity capital through the sale of APEs to Antara Capital LP in two tranches at an average price of 66 cents per APE. That represents a 3.6% discount to Wednesday closing price of 68.5 cents per APE unit. APEs soared 88.3% in premarket trading. “AMC’s ongoing capital raising efforts and balance sheet strengthening continues in earnest,” said Chief Executive Adam Aron.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Anne Rice’s Mayfair Witches’ To Be Simulcast Across All AMC Networks Channels; Companion Doc SetAMC Networks will simulcast ‘Anne Rice’s Mayfair Witches’ across all five of its linear networks as well as streamer AMC+. The company has also set a companion documentary ‘All of Them Witches’ to run alongside the drama series
Read more »
AMC Theatres Held Talks With Cineworld Lenders Over “Potential” AcquisitionThe discussions about unspecified theaters in the U.S. and Europe followed Cineworld filing for Chapter 11 bankruptcy protection.
Read more »
WSJ News Exclusive | AMC Held Talks About Acquiring Theaters From Bankrupt CineworldAMC held discussions regarding a potential strategic acquisition of theaters from its rival, the bankrupt Cineworld, according to a securities filing by AMC Wednesday
Read more »
AMC says it's no longer in talks to acquire theaters from bankrupt CineworldAMC has ended talks to acquire Cineworld's theaters following another quarterly loss.
Read more »
AMC abandons talks to acquire bankrupt Cineworld's theatersCinema chain AMC Entertainment Holdings said on Wednesday it was no longer in talks to acquire some theaters owned by now bankrupt Cineworld Group following initial discussions with some lenders.
Read more »
AMC thought about buying some Cineworld theaters, but it went nowhereMovie-theater chain AMC Entertainment Holdings Inc. on Wednesday said talks to acquire some theaters run by ailing rival Cineworld Group have ended
Read more »