Movie theater leader AMC Entertainment Holdings Inc (NYSE: AMC) reported second-quarter financial results after market close Thursday. Along with earnings, the company also announced the declaration of a special dividend in the form of AMC Preferred Equity units.
What Happened: AMC announced it will pay out one AMC Preferred Equity unit for each share of AMC Class A common stock based on a record date of Aug. 15, 2022.
The dividend is expected to be paid out Aug. 19 and begin trading on Aug. 22.
The new unit will trade on the New York Stock Exchange with ticker “APE.”
“The AMC Preferred Equity Units will provide AMC with a currency that can be used in the future to strengthen our balance sheet, including debt repayments, and provide capital for shareholder value-enhancing and transformative investment opportunities,” the company said.
AMC CEO Adam Aron took to Twitter Inc (NYSE: TWTR) to share several posts and an open letter to AMC Investors outlying the decision for the new units and what it means for AMC’s future.
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