From costars to lovers! Chad Michael Murray met his wife, Sarah Roemer, in 2014 while filming the Crackle TV series Chosen together.
08.08.2022 - 20:01 / deadline.com
The domestic box office is about to go into a funk for two-and-half months due to the lack of tentpole product, but shares of AMC Entertainment keep on trucking.
Following Thursday’s news that the world’s No. 1 exhibitor was awarding APE investors with one AMC preferred Equity share for each AMC Class A common stock, AMC’s stock price jumped 31% on Friday from $16.97 to $22.18. Well, this morning they jumped again 14%, opening at $24.06 and hitting a high of $27.50. At the time of this post’s publication, AMC shares were trading at $25.02.
The preferred Equity stock will be issued to AMC common shareholders on the dividend date of Aug. 19, and be listed on the New York Stock Exchange under the symbol APE.
While the notion was that retail investors didn’t want to see any more stock dilution, the APE share maneuver by AMC will give the exhibitor more financial flexibility. The new preferred share is akin to having another stock and AMC will be able to do deals, and potentially pay down debt.
“While no one’s crystal ball can accurately predict stock market swings or volatility, the economic interest that our shareholders will have in both shares and APEs will be in a company that we believe to be considerably stronger than AMC is now prior to this announcement being made this afternoon,” said AMC CEO Adam Aron during Thursday’s Q2 earnings call.
“With the creation of APEs, AMC is deeply and fundamentally strengthening our company. We already have shareholder approval in hand such that our board can decide we can issue more APEs in the future above and beyond those going out with this initial dividend. Given the flexibility that being able to issue more APEs will give us, we believe that we would handily be able to raise money if
From costars to lovers! Chad Michael Murray met his wife, Sarah Roemer, in 2014 while filming the Crackle TV series Chosen together.
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Brent Lang Executive Editor of Film and MediaAMC Theatres is rewarding the retail investors who rallied to support the exhibition giant when it was laboring under debt and COVID closures, lifting its share price at a critical juncture.On Thursday, the company announced that it will give a special dividend to investors of one AMC preferred equity unit for each of AMC Class A common stock. With a nod and wink, the company plans to list these units on the New York Stock Exchange under the symbol “APE,” the preferred moniker of the shareholders who embraced the AMC cause when it teetered on insolvency.The announcement came as AMC recorded a narrower than expected quarterly loss on Thursday as summer blockbusters like “Top Gun: Maverick” and “Jurassic World Dominion” lifted earnings.