AMC Theatres has reached a settlement on a shareholder lawsuit that sought to block a reverse stock split, clearing the way to convert the company’s preferred “APE” shares to common shares in an effort to boost capital.
In an SEC filing published Monday, AMC says that it will issue 6.9 million shares, or 4.4% of the company’s stock, to the plaintiff shareholders in exchange for the lawsuit being dropped.
The number of shares was calculated based on a formula of one share of equity issued for every 7.5 shares held by the plaintiffs.
On March 14 in a special shareholder meeting, AMC received approval to convert the AMC Preferred Equity shares, or APE share, into common shares, resulting in those shares seeing a bump in their price while AMC’s stock took a hit, dropping to just over $4 per share.
Read more on thewrap.com
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