AMC’s APEs hit new low

AMC Entertainment Holdings Inc.’s
AMC,
-10.37%
AMC Preferred Equity Units
APE,
-8.91%,
or APEs, hit a new low of $0.82 on Wednesday. The stock was down 7.6% by mid-afternoon Wednesday, outpacing the S&P 500 Index’s
SPX,
-0.19%
decline of 0.01%. The APEs have fallen 86.3% since making their trading debut on Aug. 22, but rallied last week as AMC shares spiked up in volatile trading. With its APE equity unit, AMC created something like a 2-for-1 stock split, marking the company’s latest effort in a fight over stock issuances. AMC is also taking aim at its massive debt burden with the ‘APE’ special dividend. The name is a nod to the investors who turned the company into a meme stock, who often refer to themselves as “apes” or “ape nation.”