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.
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