AMC Entertainment Holdings Inc. AMC,
He said Thursday that a group of investors, including units of private equity firm Silver Lake, have chosen to convert the $ 600 million into senior convertible bonds of 2.95% of the pending 2026 film chain into ordinary shares. Class A, at a conversion price of $ 13.51 per share. Shares closed at $ 19.90 on Wednesday after being traded on the stock exchange[l: short squeeze in shares of videogame retailer GameStop Inc.
GME,
which has skyrocketed more than 1,600% in the past two-plus weeks amid support from investors on Reddit’s WallStreetBets message board. AMC said the conversion will result in the issuance of 44.4 million new shares. The conversion will reduce the company’s debt by $600 million. AMC shares rose 4.4% premarket and have gained a stunning 839% in the year to date, despite the many challenges facing the world’s biggest cinema operator caused by the coronavirus pandemic. The S&P 500
SPX,
has fallen 0.4% in the year to date.