"AMC just completed a spectacularly encouraging second quarter that boosts our mood and brightens our prospects as we look ahead," Aron said in the statement. Analysts surveyed by FactSet were looking for sales of $1.168 billion and a net loss of 31 cents, or a net loss of 23 cents a share on an adjusted basis. The movie-theater chain reported a net loss of $121.6 million, or a net loss of 24 cents a share, compared with a net loss of 344 million, or a net loss of 71 cents a share, in the same period last year.ĪMC's second-quarter sales were $1.166 billion, compared with $444.7 million in the same period last year. The CEO, who referred to AMC's critics as "naysayers" and "prophets of doom" during the call, said the dividend is very bad news for people "not rooting for AMC."ĪMC also reported its second-quarter results after market close, reporting a narrowing loss and revenue in line with analysts' expectations. "I believe all of this makes us vastly, and I mean, vastly, stronger," he added. See Now: How one investor applied the lessons of the meme stocks frenzy to blockchain and NFTs Speaking during a conference call to discuss the results, Aron said that AMC has the flexibility to issue more "Apes" in the future. The company, which issued an "I own AMC" NFT in January, will also be issuing an "I own APE" NFT to shareholders. The company has faced unsubstantiated internet conspiracy theories that there are millions of synthetic AMC shares in circulation, as well as calls for a share recount, according to the Wall Street Journal. "The issuance only to our shareholders of tradable AMC Preferred Equity units clarifies who is included in our current shareholder base," he said in the statement. "As a result, this dramatically lessens any near-term survival risk for AMC, as we continue to work our way through this pandemic."ĪMC will be issuing an APE dividend for each of its 516,820,595 shares outstanding, according to Aron. "This new AMC Preferred Equity gives AMC a currency that can be used in the future to strengthen our balance sheet, including by paying down debt or raising fresh equity," said AMC Chief Executive Adam Aron, in a statement. The symbol is a nod to the investors who turned the company into a meme stock, who often refer to themselves as "apes" or "ape nation." AMC has applied to list its AMC Preferred Equity Units on the New York Stock Exchange under the symbol "APE," starting Aug. The special dividend is expected to be paid at the close of business on Aug. The special dividend of one AMC Preferred Equity unit will be issued for each share of AMC Class A common stock, par value $0.01 per share, outstanding at the close of business on Aug. (AMC) has turned to the special dividend after it was unable to gain shareholder approval to let it issue more common shares, according to the Wall Street Journal. The dividend marks the latest move in a fight over stock issuances AMC Entertainment Holdings Inc. Theater chain reports narrowing Q2 loss, turns to special dividend after it was unable to gain shareholder approval to issue more common sharesĪMC Entertainment Holdings Inc.'s stock fell more than 10% in extended trading on Thursday after the company announced a special dividend in the form of "Ape" preferred shares.
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