APE not pictured | Image: The Verge
You may remember our friends at AMC, the theater chain with the pantless CEO, who’ve leaned all the way in on the meme stock thing. Hordes of enthusiastic retail investors maybe rescued AMC from crushing debt. Now AMC is hoping to tap them again to create more shares of the company.
This quarter, AMC announced a dividend for shareholders: AMC Preferred Equity units, which will trade as APE on the New York Stock Exchange. One of these babies will exist for every common share, and can be converted to common stock if the company and investors vote for that to happen.
That “if” is kind of sticky though. See, AMC wanted to sell more shares and was shot down by investors. Maybe those investors didn’t want to be further diluted — AMC sold a lot…