AMC Entertainment's preferred stock 'APE' starts trading

Marcus

22/08/2022 15:49

(Updates)
    ** AMC Entertainment  AMC.N  tumbles 34% to $11.72 on the
day its new class of share, "APE"  APE.N , starts trading on the
NYSE
    ** APE, a preferred share, opened at $6.95 and were last
trading at $9.49
    ** NYSE halted trading for both shares multiple times due to
high volatility
    ** The new class of shares similar to a stock split,
analysts say
    ** "The value of your AMC investment will be the combination
of your AMC shares and your new APE units," AMC CEO Adam Aron
said on Twitter
    ** AMC and APE together were trading at $21.21, which is
higher than AMC's last closing price of $18.02, according to
Reuters calculation
    ** Earlier in the day, UK-based Cineworld's  CINE.L  warned
it could file for bankruptcy, spelling trouble for the U.S
cinema chain  urn:newsml:reuters.com:*:nL4N2ZY1A4
    ** A total of 53.5 mln AMC shares changed hands, the most
traded U.S. stock by 10:25 a.m. ET
    ** About 10 mln APE shares changed hands compared to the 
planned 517 mln preferred shares

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))