- AMC plans to issue a special one-time “dividend” to investors in the form of preferred shares
- The company has also applied to list its new preferred stock under the NYSE ticker “APE”
- The new class of shares carries the same voting rights as the existing common shares
- The shares started trading on August 22
AMC Entertainment appears to have found a creative solution to increase its share count and raise funds after investors abandoned proposals to issue more shares last year.
AMC announced on Aug 4, 2022, that it will pay dividends to all common stockholders in preferred stock. The company has applied to list this preferred entity on the New York Stock Exchange under the symbol “APE,” a nod to retail investors who helped save the world’s largest cinema chain from bankruptcy in early 2021.
“Today we honor and recognize our passionate and supportive shareholders, both our US and international shareholders,” CEO Adam Aron said in a statement. “Shareholders will receive one AMC Preferred Unit for each AMC common share issued by the Company in their possession.”
The company expects to pay a dividend of about 517 million APE units later this month. The shares started trading on August 22. The new class of shares has the same voting rights as existing common stock, the company said in a statement.
AMC issued APE stock FAQ:
What is $APE?
Why is AMC issuing Preferred Equity Units?
Is AMC stock splitting?
Will I get APE stock for my AMC holdings?
Is $APE affiliated with the crypto asset ApeCoin?
How is Public.com managing APE dividend payouts?