has settled a shareholder lawsuit that threatened a planned reverse stock split arising from a conversion of AMC Preferred Equity Units, or APEs, into common stock.
AMC Entertainment Holdings, parent of the mega-exhibitor and led by CEO Adam Aron, in an SEC filing said it entered into an April 2 settlement agreement that will see holders of AMC common stock receive one share of equity for every 7.5 shares held following a planned 10-for-1 split. The settlement of the AMC Entertainment Holdings Inc. Stockholder Litigation case in a Delaware Chancellery Court is valued at over $100 million, based on recent trading prices of AMC equity, according to lawyers representing the shareholders suit.
Source: Law Daily Report (lawdailyreport.net)
AMC did not need to do this and wouldn't have unless there's a Part 2 to this story. I believe there is a Part 2, and it may involve an acquisition move that inevitably will lead to $AMC $APE both going into SQUEEEEEEZE MOASS mode. WATCH!!! DO NOT GET PLAYED APES!!!
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