Yesterday AMC Entertainment introduced their preferred share ticker APE as a thank you to the millions of retail investors (Apes as they call themselves) who essentially saved the company from bankruptcy during the pandemic. Following the Gamestop stock run up which made quite a few novice stock traders very, very rich, AMC was the next target for the amateur retail investor and the theater chain has benefited greatly from the attention online. Yesterday AMC shareholders received an equal amount of APE shares as their AMC shares, which saw a 30+% dip in AMC stock at market open, however combined the stock continued green for most of the morning. Many saw their APE shares listed as an average cost of $0.01 per share yet when markets opened, sell orders kicked off at near $10 per share - over 99,000% gain!
As a celebration to commemorate the APE preferred shares, AMC will be re-releasing Godzilla vs. Kong in over 500 of their U.S. based theater locations this Friday, August 26th for one night only!
As they say, Diamond Hands pay off!
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