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September 28, 2022
Business

AMC falls after Cineworld’s bankruptcy warning on day ‘APE’ starts trading

Published by
Reuters UK

By Anisha Sircar and Medha Singh (Reuters) -AMC Entertainment Holdings’ shares tumbled nearly 30% on Monday after UK-based Cineworld’s warning of a possible bankruptcy spooked investors on the same day the American cinema chain’s preferred stock listing began trading. AMC’s preferred stock, trading under the ticker “APE”, opened at $6.95 on the New York Stock Exchange on Monday. The shares, intended as dividend, will have the same voting rights as common stock and could be used for raising capital in the future, the company said. Trading of both classes of shares was halted multiple times in v…

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