AMC tumbles as shareholders approve plan to convert APE preferreds

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Reuters UK

(Reuters) -Shares of AMC Entertainment Holdings Inc tumbled about 17% on Tuesday after shareholders voted in favor of converting the company’s preferred stock into common shares. Shareholders also approved a one-for-ten reverse share split. The approval of the measures at Tuesday’s shareholder meeting comes as AMC faces an April 27 hearing in a lawsuit claiming it circumvented shareholders who were against adding more shares. AMC listed the preferred shares trade under the symbol “APE” in a nod to Reddit’s wallstreetbets stock trading forum, where participants often describe themselves as apes…

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