AMC plans to issue 517 million shares of preferred stock, under the ticker symbol APE
Summary
AMC on Thursday said it plans to issue a dividend to all common shareholders in the form of preferred shares. The company has applied to list these preferred equity units on the New York Stock Exchange under the symbol "APE," a nod to the retail investors who helped rescue the largest movie theater chain in the world from the brink of bankruptcy in early 2021, dubbed "apes." "With the creation of APEs, AMC is deeply and fundamentally strengthening our company," Aron said in a separate shareholder letter issues Thursday. "Given the flexibility that APEs will give us, we likely will be able to raise money if we need or so choose, which immensely lessens any survival risk as we continue to work our way through this pandemic to recovery and transformation." While AMC pulled in nearly $1.2 billion in revenue during the quarter ended June 30, the company posted a net loss of $121.6 million, according to its second-quarter results Thursday.