APE Stock rose over 133% in the last 5 days! This is all during the same time that AMC Stock was hit hard during the market meltdown this past week.
CEO Adam Aron tweeted that a shareholder vote would be held to decide whether to convert APE stock into AMC ordinary shares. This made APE buying pressure higher than the stock has seen in a long long time.
CEO Adam Aron also announced $110 MILLION CAPITAL RAISE which has the apes in a bit of a frenzy. AMC is also recommending a 1-to-10 reverse stock split for its ordinary shares. In order to ratify the reverse stock split and convert APE units into AMC common shares, the firm is calling for a special shareholder meeting.
AMC Stock CEO Adam Aron said in a tweet down below: “Also, a company as distinguished as AMC shouldn’t let Wall Streeters wishing us harm drive us to being a “penny stock.” So in the shareholder vote, you also can consider a 1:10 reverse stock split. Simple arithmetic, if approved, the share count goes down so share price goes up.”
WILL APE STOCK KEEP MOVING UP?
Ape stock could likely continue to see more buying pressure if the preferred equity unit is to be converted into AMC Stock, but it is a good idea to pay close attention to what CEO Adam Aron announces next!