shares tumbled nearly 30 per cent 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.
“The issue is that the APE security is a dilutive security that should be viewed like a 2 for 1 split,” said Thomas Hayes, chairman of Green Hill Capital. The decline in AMC shares was sparked after Cineworld, which owns Regal cinemas in the United States, warned that it is staring at a possible bankruptcy filing as it struggles to cut debts that soared during the pandemic.
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