AMC Entertainment Holdings Inc.’s AMC Preferred Equity Units , 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 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.”
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