Shares of $AMC preferred equity units, or “APEs,” rose 5% Monday, while the company’s common stock fell 7.5%, after the company unveiled plans to sell another up to 425 million $APEs.
Shares of AMC preferred equity units, or ‘APEs,’ rose 5% Monday, while the company’s common stock fell 7.5%, after the company unveiled plans to sell another up to 425 million APEs.
“The company intends to use the net proceeds, if any, from the sale of AMC Preferred Equity Units APE, +3.91% primarily to repay, refinance, redeem or repurchase the company’s existing indebtedness and otherwise for general corporate purposes,” said the filing. Like the common stock, the APEs have been volatile since their trading debut, a fact even AMC acknowledged in the filing. In fact, it has fluctuated between an intraday low of $3.35 on Sept. 23 and an intraday high of $10.50 on August 22. It was quoted at $3.75 in midday trading Monday.
The stock has had a wild ride over the past few years, shifting from a pandemic victim when its theaters were closed across the world to a meme stock darling. While AMC remains a cause célèbre for a vocal community of individual investors, the company’s financial health is a cause for concern, according to data from RapidRatings, a company that assesses the finances of public and private companies.
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