AMC Stock Plunges After Shareholders Approve APE Conversion
TL;DR Summary
AMC shareholders voted to do a reverse stock split and convert preferred APE shares into common shares, causing the meme stock to plunge 15%. Bed Bath & Beyond seeks more funds to keep its stores open and has defaulted on its $500 million loan with JPMorgan Chase. Ryan Cohen, known for his investments in meme stocks, has taken a stake in Alibaba and is pushing for more buybacks. Meme stocks are speculative plays and their valuations depend on social media hype and online interest. GameStop saw sales fall 8% in its third quarter but rose over 11% after the Dec. 7 report.
- Meme Stock: AMC Gets Shareholders' Vote To Raise More Cash, AMC Stock Plunges; Are Meme Stocks A Buy? Investor's Business Daily
- AMC plunges as investors approve reverse stock split, APE share conversion CNBC
- AMC shareholders approve ‘APE’ conversion in ‘landslide victory’ but stock tumbles MarketWatch
- AMC tumbles as shareholders approve plan to convert APE preferreds Yahoo Finance
- AMC Stock Tumbles After ‘APE’ Conversion Approved by Shareholders Barron's
- View Full Coverage on Google News
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