- NYSE:AMC fell by 1.8% during Friday’s trading session.
- APE preferred shares could mean more dilution for AMC Apes.
- Meme stocks extend declines during the bloody end to September.
AMC Entertainment (AMC) closed the month of September on a sour note as the meme stock dropped by nearly 15% over the past week of trading. On Friday, shares of AMC fell a further 1.8% and closed out the volatile month at a price of $6.97. Earlier in the session, AMC touched its 52-week low price before recovering some of that back by the closing bell. Stocks closed out the worst monthly decline for the major averages since the Covid-19 crash in March of 2020. Overall, the Dow Jones lost a further 500 basis points, while the S&P 500 and NASDAQ both fell by 1.5% during the session.
AMC stock news
AMC Apes are not feeling as bullish on the stock and the APE preferred units these days. After a filing last week showed that the company could exercise up to 425 million additional units of APE into AMC common stock, investors are likely worried about further dilution. AMC already has a massive float of shares and adding up to 425 million more would certainly affect the stock’s price. It would raise a significant amount of capital for AMC, but after doing so several times over the past couple of years the business is still in financial trouble.
Meme stocks also fell alongside AMC as the aforementioned APE shares hit a new all-time low price after losing 6.6% on Friday. Bed Bath & Beyond (BBBY) extended its losses following its disappointing earnings report on Thursday, while GameStop (GME) sank by 1.3% to close the week.
AMC 5-minute chart
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