Capital-raising plan sends AMC shares plummeting in premarket as APEs soar
Shares of AMC Entertainment Holdings Inc. AMC, +4.33% plunged 20.6% toward 22-month lows, after the movie theater operator announced a $110 million equity capital raise and said it was seeking a 1-for-10 reverse split of its common stock. The company’s board of directors was looking to hold a special meeting for holders of its common stock and of the AMC Preferred Equity Units APE, +1.
Separately, the company said it was raising $110 million of new equity capital through the sale of APEs to Antara Capital LP in two tranches at an average price of 66 cents per APE. That represents a 3.6% discount to Wednesday closing price of 68.5 cents per APE unit. APEs soared 88.3% in premarket trading. “AMC’s ongoing capital raising efforts and balance sheet strengthening continues in earnest,” said Chief Executive Adam Aron.
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