{"id":65644,"date":"2022-12-22T09:03:09","date_gmt":"2022-12-22T14:03:09","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=65644"},"modified":"2022-12-22T09:03:09","modified_gmt":"2022-12-22T14:03:09","slug":"coffee-with-greta-reverse-stock-split-announcement-nails-amc","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/12\/22\/coffee-with-greta-reverse-stock-split-announcement-nails-amc\/","title":{"rendered":"Coffee With Greta: Reverse Stock Split Announcement Nails $AMC"},"content":{"rendered":"

DJIA Futures: <\/b>-205 (-0.6%)<\/span>\u00a0<\/b><\/p>\n

SPX Futures: <\/b>-31 (-0.8%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-125 (-1.1%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are falling as traders digest the latest batch of weak earnings and a key meme stock announced plans for a reverse stock split.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

AMC Plunges After Announcing Reverse Stock Split<\/span><\/h2>\n

AMC <\/b>(AMC) shares are plunging 25.5% in premarket trade after announcing plans for a reverse stock split.<\/span><\/p>\n

The theater chain revealed it is seeking a special shareholder meeting to vote on a 1-for-10 stock split and to convert APE units into AMC common shares.<\/span><\/p>\n

$APE are the preferred equity units issued by AMC to all shareholders earlier this year.\u00a0\u00a0<\/span><\/p>\n

The company also plans to raise $110 million in capital by selling APE units to Antara Capital at a weighted average price of $0.66 per share.\u00a0<\/span><\/p>\n

AMC also plans to reduce its debt to Antara by $100 million in exchange for approximately 91 million APE units.\u00a0<\/span><\/p>\n

The company said that debt reduction would reduce annual interest expenses by ~$10 million.\u00a0<\/span><\/p>\n

Micron Revenue Plunges<\/span><\/h2>\n

Micron <\/b>(MU) shares are down 4.5% ahead of the open after reporting a wider-than-expected fiscal Q1 loss.\u00a0<\/span><\/p>\n

Here\u2019s how the chipmaker\u2019s results compared to analysts\u2019 expectations:<\/span><\/p>\n