In a contorted legal case, a Delaware judge today struck down a settlement that would have helped AMC Entertainment move ahead with steps to raise cash and shore up its stock. “To cut to the chase,…
Long and short: If AMC has to raise cash in a pinch, it will need to sell AMC Preferred Equity units, or APEs, which are worth much less than its common stock. The APEs fell 14% to $1.54 in late trading today. AMC common shares surged 63% to $7.17 after what could, however, become a problematic ruling for the chain.
AMC avoided bankruptcy during and after Covid as retail investors piled into the stock with gusto. And the box office has made major strides, including this great looking weekend. CEO Adam Aron told Deadline in April that he viewed today’s ruling as “the icing on the cake” of a turnaround. “I will be more confident after this, after we have the ability to implement the shareholder vote,” he added. “When you have the flexibility to raise capital if you need to, it’s really important.
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