What Are AMC APE Units? Preferred Class of Stock, Explained

Antara also accepted 91 million APE units as payment for $100 million of AMC’s outstanding debt. Moreover, to pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor. The popularity of BAYC led to athletes, musicians, and actors purchasing Bored Ape NFTs to use as profile pictures on social media, adding to the cult status of Bored Apes as profile picture (PFP) NFTs. However, Bored Ape Yacht Club and the company behind the venture, Yuga Labs, has also faced its fair share of controversies and challenges, ranging from allegations over racist imagery to an investigation by the SEC for potentially breaching securities laws. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made.

Securities products offered by Public Investing are not FDIC insured. Apex Clearing Corporation, our clearing firm, has additional insurance coverage in excess of the regular SIPC limits. For AMC Entertainment (AMC), the release of its new preferred stock class called APE units has come at a bad time. Competitor Regal Cinemas announced a potential bankruptcy, which caused hysteria in the movie theater industry.

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She recently upgraded AMC from underperform to neutral and set a price target of $19. As for the industry, the summer movie season has been busy, but Hollywood writers and actors are on strike. The strike ensures a gap in content production, which will affect movie ticket sales in the months ahead. The bulls argue that AMC’s capital restructuring moves have improved the company’s fundamentals and set the stage for growth. They also cite improving industry conditions, touting the summer box-office success of Barbie and Oppenheimer. Importantly, APEs were also convertible to AMC shares on a 1-to-1 basis.

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Let’s take a look at the requirements to open an account on a crypto exchange. The first thing you need to do if you are looking to buy ApeCoin is to sign up for an exchange that supports the cryptocurrency. Currently, Binance, Coinbase, and Kraken are among the largest exchanges supporting APE. Securities and Exchange Commission (the “SEC”), trader joe’s jobs indeed review at jobs copies of which may be obtained by visiting our Investor Relations website at investor.amctheatres.com or the SEC’s website at

That would be the last day of trading for its APE shares, which would be converted into common stock the next day. AMC Entertainment Holdings (AMC) shares plunged after a Delaware judge reversed her earlier decision and gave approval to the theater chain’s plan to convert AMC Preferred Equity (APE) units into common shares. The decision ends a shareholder lawsuit and paves the way for the company to raise much-needed capital. The stock surge at the time helped the company strengthen its financial position, as executives seized the opportunity to sell shares and repurchase debt. But with stock in AMC having come back down to earth in value, the exhibition giant has been hard-pressed to keep raising fresh cash to run its business. “We will keep you updated as we have more information,” Aron added about the upcoming court injunction hearing.

ApeCoin is an ERC-20 token operating on the Ethereum blockchain that enables holders to gain access to a variety of products and services offered by the APE ecosystem and vote on the future direction of the Web3 project. To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use  escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings.

The record date for the AMC Preferred Equity Unit dividend is the close of business on August 15, 2022. However, the AMC Preferred Equity Unit dividend is expected to be paid as of the close of business on August 19, 2022. The NYSE has established August 22, 2022 as the ex-dividend date.

1. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example.
2. In what can be considered bad timing, AMC released its preferred stock class, called APE units, on Aug. 22.
3. ApeCoin is an ERC-20 token operating on the Ethereum blockchain that enables holders to gain access to a variety of products and services offered by the APE ecosystem and vote on the future direction of the Web3 project.

What You Need To Open a Cryptocurrency Exchange Account

They characterize AMC as a value trap, arguing that there’s no fundamental improvement in the business. The company has struggled to generate profits for years, even before the pandemic shuttered movie theaters. The recent capital moves and the surprise $0.01 diluted EPS reported in the second quarter of 2023 may simply be too little, too late for AMC. In February, a pension fund shareholder filed a class action lawsuit against AMC, claiming the company was staging an unfair voting process. That included $110 million from AMC’s creditor Antara Capital, LP.

AMC Stock: 10 Things to Know About the APE Dividend

The Delaware Court allowed the March 14 vote on the APE preferred units conversion to go ahead, but the planned court hearing in April could delay any new debt-raising action by AMC following the shareholder vote. Shareholders in AMC Entertainment Holdings have voted to allow the parent of AMC Theatres to convert AMC Preferred Equity Units, or so-called APEs, into the company’s common shares. For now, it looks like the movie theater company has delayed that outcome, thanks to some aggressive moves to stabilize its balance sheet. Investors aren’t sold on the strategy, however, and AMC stock has taken a beating.

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The issuance of AMC Preferred Equity Units is made possible by the authorization approved by shareholders to issue AMC Preferred Equity in 2013. Each AMC Preferred Equity Unit is a depositary share and represents an interest in one one-hundredth (1/100th) of a share of the Company’s Series A Convertible Participating Preferred Stock (the “Preferred Stock”). Each share of Preferred Stock in turn is potentially convertible into one hundred (100) shares of Common Stock. APE units rose 9 percent to $1.88 in trading on Tuesday, while AMC stock fell by 72 cents, or around 13 percent, to $4.74, as investors begin to anticipate a possible convergence. “I would like to commend our shareholders for the wisdom exhibited in your votes by approving these proposals, and doing so by a wide margin.

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If an investor sells our Common Stock before the ex-dividend date of August 22, 2022, that investor will not be entitled to the AMC Preferred Equity Unit dividend on the shares that are sold. Alternatively, if investors buy our Common Stock before the ex-dividend date August 22, 2022, they will be entitled to receive the AMC Preferred Equity Unit dividend on the shares purchased. Investors who trade during this period should consult with their broker. AMC said that after the decision it will commence a 1-for-10 reverse stock split on Aug. 24.