fell 25% ahead of today’s market opening after the company said it plans to pursue a reverse stock split and has raised $110 million from the sale of “APE” shares.
The company packed several news items into a press release. It said its board of directors will convene a special meeting for holders of both AMC common shares and APE units, with votes tallied together. On the agenda will be a proposal to increase the authorized number of AMC common shares to permit the conversion of APE units into AMC common shares and another plan to initiate a reverse-split of AMC common shares at a 1:10 ratio.
Another headline in the release was AMC’s disclosure that it will raise $110 million of new equity capital through the sale of the recently introduced “APE” preferred equity units to Antara Capital. The two tranches will have a weighted average price of 66 cents a share. APEs, which the company introduced earlier this year, closed at 68.5 cents on Wednesday.
Antara has agreed to hold their APE units for up to 90 days and vote them at the special meeting in favor of the proposals, the company said. AMC added that it will limit the amount of additional equity capital it can raise prior to the special meeting.
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