AMC Entertainment Holdings Inc.’s stock rose 2.3% before market open Wednesday, after ending Tuesday’s session down 23.5%.
In a filing Monday, AMC AMC announced settlement terms related to shareholder litigation over a proposed stock conversion. The settlement opens the way for the conversion of AMC Preferred Equity units APE , or APEs, into common stock, alongside a 10-to-1 reverse stock split and the capacity to sell more shares. The move, which is part of the movie theater chain and meme stock darling’s ongoing battle to eliminate debt, had faced court proceedings.
In a note released Tuesday B. Riley Securities analyst Eric Wold said that the settlement clears the decks for a “potentially massive” equity raise that could generate as much as $16 billion. “Should the conversion of APE units to AMC common shares be permitted to proceed — along with the increase in authorized common shares and 1-for-10 reverse stock split — we continue to see a positive path for the company to raise significant amounts of capital.
Source: Entertainment Trends (entertainmenttrends.net)
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