• Andy Wu


August 26, 2022, Audio: "A new ticker graced the New York Stock Exchange this week as AMC debuted a new preferred stock under the “APE” symbol, a nod to the meme stock traders who rescued the movie theatre from death’s doorstep. The movie theater chain’s CEO Adam Aron described the move as “the single biggest action we will take in all of 2022 to fundamentally strengthen AMC for the long term.”  To start, AMC is giving away 517 million APEs for free to its current investors: one APE unit for every AMC share owned. But the company could sell more APEs in the future, and potentially raise billions of dollars.  “If this can help them eliminate the risk of bankruptcy… I think that is a great thing,” said Eric Wold, a senior analyst at B. Riley Securities."

Non-HKS Harvard Faculty Author - Andy Wu