Shares of AMC Entertainment have fallen more than 85% so far this year, sinking below $4.
Shares of AMC have fallen more than 85% so far this year, sinking below $4 as of Wednesday afternoon.The stock drop comes after CEO Adam Aron announced a pay freeze for himself and the company proposed a 10-1 stock split.The AMC 25 Theatres in Times Square in New York is seen on Tuesday, July 8, 2014.Branded credit cards and a pay freeze for its CEO have done little to assuageshareholders' growing concerns, as the movie theater chain's stock hit a fresh 52-week low Wednesday.
Where AMC's trouble lie are in its fundamentals, says Eric Handler, MKM Partners media and entertainment analyst. But, he added, things aren't as nice when you look at AMC's capital structure – its large number of shares outstanding, combined with its high debt levels. The company's board announced last week it intends to hold a special meeting for shareholders to vote on the proposal, which includes seeking permission to enact a reverse stock split of AMC common shares."The steps that they're taking right now, in terms of converting APE to AMC, if that's passed, and then doing the reverse stock split, if that's passed, that gets them pretty much back to where they were in 2019," said Alicia Reese, an analyst at Wedbush.
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