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Sky News Business Editor Ross Greenwood says overnight AMC Entertainment’s shares plummeted by 23 per cent as investors fled ahead of the cinema chain’s one-for-ten reverse stock split.
“AMC Entertainment – which owns movie theatres – that was once the darling of meme-traders around the world, as they tried to replicate the GameStop short-squeeze that went on,” he said.
“Well, the hype train has derailed many times over, and AMC’s fallen off the bandwagon along with it.
“To add salt into the wound, the firm will also convert AMC Preferred Equity units into common stock, a move that worries investors who will have their shares diluted.”
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