AMC slumps following Cineworld’s bankruptcy warning on day ‘APE’ starts trading
AMC Entertainment Holdings Inc (NYSE: AMC) tumbled more than 40% on Monday after a rival warned of potential bankruptcy, spooked investors on the same day the cinema chain’s preferred stock listing began trading
By Arghyadeep Dutta
Published - Aug 22, 2022, 02:59 PM ET
Last Updated - Jun 11, 2024, 02:05 AM EDT
AMC Entertainment Holdings Inc (NYSE: AMC) tumbled more than 40% on Monday after a rival warned of potential bankruptcy, spooked investors on the same day the cinema chain’s preferred stock listing began trading.
The drop comes as rival Uk-based Cineworld Group PLC, the owner of Regal Cinemas, on Monday it is considering filing bankruptcy.
Shares of AMC fell 40.3% to $10.76 in New York.
The AMC’s preferred stock, which started trading on Monday under the ticker “APE”, opened at $6.95 on the New York Stock Exchange but also dropped more than 12% in afternoon trading.
