AMC Entertainment Jumps 19% After ‘Apes’ Tout New Share Class
- Preferred-stock dividend is hit with chain’s small investors
- CEO says he’ll be able to retire debt, make acquisitions
An AMC movie theater at night in the Times Square neighborhood of New York.
Photographer: Amir Hamja/BloombergThis article is for subscribers only.
AMC Entertainment Holdings Inc., the world’s largest theater chain, rose to a four-month high after its army of small investors embraced a new class of preferred equity the company is distributing.
The stock gained 19% to $22.18 at the close in New York on Friday after initially falling following the announcement of the new units on Thursday. The preferred shares will trade under the “APE” ticker on the New York Stock Exchange starting Aug. 22.