AMC shareholders approve ‘APE’ conversion

AMC Entertainment Holdings Inc.’s AMC shareholders have approved the company’s proposal to convert AMC Preferred Equity APE units into shares of common stock. In January, AMC announced the special meeting of shareholders to increase the number of AMC-authorized shares from just over 524 million to 550 million and to authorize a 1-for-10 reverse split of the company’s common stock, converting APEs into shares common stock. The move is part of the company’s ongoing battle to eliminate debt, but it is facing court proceedings.