Meme stock AMC Entertainment Holdings soared in premarket trading on Monday after a judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company.
Closed signs are seen on an AMC Theatre during the outbreak of the coronavirus disease , in New York City, U.S., April 29, 2020. REUTERS/Brendan McDermid/File Photosoared in premarket trading on Monday after a judge blocked the theater chain's stock conversion plan that risked diluting investors' holdings in the company.
The highly shorted AMC common shares were the most traded across all stocks trading before the opening bell at 05:58 a.m. ET, surging 59% to $6.99. Preferred shares "APE" fell 2.8% to $1.75. The stock was trending on investor-focused social media stocktwits.com, indicating retail traders' interest.on Friday she cannot approve a deal that would potentially provide current shareholders with additional shares worth $129 million as it would also settle potential claims by preferred shareholders who were not represented in the lawsuit.
The company filed a revised petition for a stock conversion plan addressing the Delaware court's concerns over other shareholders, CEO Adam AronThe litigation is a roadblock for the company with high cash burn rate as it intends to pay down some of its $5.1 billion in debt by selling more shares and potentially avoid bankruptcy.globally, the much-hyped movies "Barbie" and "Oppenheimer" drew crowds after sluggish ticket sales in June and July.
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.
AMC revises stock-conversion settlement plan after Friday's surprise court setbackAMC Entertainment Holdings Inc. has submitted a revised proposal for its stock-conversion plan, after a judge rejected a settlement Friday that would have...
Read more »
AMC files revised stock conversion settlement proposal in Delaware courtAMC Entertainment's chief executive officer on Sunday said the company filed a revised petition for a stock conversion plan that would allow the company to issue more shares.
Read more »
Man brutally attacked inside AMC movie theater in Florida over issue with seats, authorities sayAuthorities in Florida released video of a brutal attack inside an AMC movie theater that allegedly stemmed from an issue over seats.
Read more »
Man brutally attacked inside AMC movie theater in Florida over issue with seats, authorities sayAuthorities in Florida released video of a brutal attack inside an AMC movie theater that allegedly stemmed from an issue over seats.
Read more »