AMC to issue 517M shares of preferred stock

AMC Entertainment announced plans to issue a dividend in the form of preferred shares.

The preferred shares will list on the New York Stock Exchange under the symbol APE, a reference to so-called meme investors known as apes who helped the movie theater chain avoid bankruptcy.

"Today we are rewarding and recognizing our passionate and supportive shareholders, both to our shareholders in the U.S. and internationally," CEO Adam Aron said in a statement. "Shareholders will receive one AMC preferred equity unit for each company issued share of AMC common stock that they own."

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