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AMC investors will go APE, company announces

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An end-run around a shareholder vote

AMC announced a dividend

for shareholders: AMC Preferred Equity units, which will trade as APE on the New York Stock Exchange. One of these babies will exist for every common share, and can be converted to common stock if the company and investors vote for that to happen. That “if” is kind of sticky though. See, AMC wanted to sell more shares and was shot down by investors. Maybe those investors didn’t want to be further diluted — AMC sold a lot of shares during the pandemic. Maybe something else was at play. But APE, the solution, isn’t just a nice marketing ploy to keep retail’s attention. It’s an end run around the investors who voted against more shares. After giving about 500 million shares of APE to investors, AMC can sell 4.

 

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